LIVE VIDEO: Channel 2 News    Watch
 

Oil Prices Flat After Four-Day Rise

12:22 PM, Feb 22, 2012   |    comments
  • Share
  • Print
  • - A A A +

NEW YORK (AP) - A four-day rise in oil prices has stalled following a weak report on Chinese manufacturing and lingering concerns about Greece's bailout.

The price of West Texas Intermediate, the benchmark for oils produced in the U.S., was unchanged at $106.25 a barrel.

WTI had climbed 5 percent over the last four trading days as tensions escalated between the West and Iran, the world's third-biggest oil exporter. The West is worried that Iran is using its nuclear program to build a weapon, a claim that Iran denies. Traders fear that any military action to stop the program could disrupt oil shipments.

But oil's rise paused on Wednesday as traders focused on a report that China's manufacturing isn't expanding. Traders also worried that a Greek bailout isn't enough to revive that nation's economy.

Most Watched Videos