NEW YORK, Nov. 22 (Xinhua) -- U.S. crude oil price rose on Tuesday as geopolitical tension offset global economic concerns.
As Iran was expected to develop nuclear program for weapons, Western countries including the U.S., Britain and Canada announced new sanctions on Iran's energy and financial sectors in order to pose further pressure on Tehran.
Unrest in Egypt, Syria and even Libya continued weighed on the oil production. Fears of intensified tension in the oil-rich Middle East offset concerns caused by global economic slow-down, pushing crude prices higher.
In Europe, the euro rose against the dollar after the International Monetary Fund expanded its lending instruments and launched a new six-month liquidity line to help debt-burdened countries in Europe. A rallied euro added support to the dollar- denominated crude oil.
The U.S. Commerce Department said in its second estimate that U. S. GDP grew at a 2.0 percent annual rate in the third quarter, sharply down from the previous estimation of 2.5 percent and missing market's expectations. And the failure of U.S. debt talks in the congressional super committee added uncertainties to U.S. economy.
Light, sweet crude for Jan. delivery gained 1.09 dollars, or 1. 24 percent to settle at 98.01 dollars a barrel on the New York Mercantile Exchange. And in London, Brent crude for Jan. delivery climbed 2.15 dollars, or 2.01 percent to close at 109.03 dollars a barrel.