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Crude oil rises slightly on advanced Iranian missile test

09-07-2008 - Finotec  |   Futures Fundamental
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 Crude oil rose for the first time this week, rebounding from its biggest decline in three months, after Iran test-fired a long-range missile capable of reaching Israel and the dollar fell. The missile fired by Iran's Revolutionary Guards Corps as part of war games was ``a Shahab 3 with a conventional warhead weighing 1 ton and a 2,000-kilometer (1,240-mile) range,'' state television Al-Alam said. Israeli military last month was reported to have conducted exercises month for a strike on Iran, OPEC's second-biggest oil producer, raising concern that supply from the Middle East may be disrupted. Crude currently trading at $137.725 as of 8:13 am, GMT.
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