If you're struggling with insurmountable debt, you might be wondering - should I file for bankruptcy? Bankruptcy is a legal process, handled by the federal courts, where debts can be eliminated, or re(...)
'Saudi Arabia incapable of influencing oil market'
Brent North Sea crude has jumped to around $115 per barrel due to sanctions on Iran's oil industry and global financial crisis. On Tuesday, Brent crude for delivery in October rose to $115.40 a barrel, up 59 cents from the previous day, Reuters reported. It was the highest level for Brent since June. US October crude also rose by 63 cents to $97.17 a barrel, above the closely-watched 200-day moving average of $96.61. Oil owed its gains for the day to the reduction of imports by Western countries as a result of unilateral sanctions against Iran. Recently-announced weak US economic data, Moody's Investors Service warning of a potential US credit rating downgrade, and Germany's Federal Constitutional Court ruling on a eurozone rescue plan due on Wednesday are among other factors that pushed prices higher on Tuesday. At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran. Press TV has conducted an interview with Mark Thornton, an economic expert from Alabama, to further discuss the issue. Follow our Facebook on: www.facebook.com Follow our Twitter on: twitter.com Follow our Tumblr on: presstvchannel.tumblr.com