Jim Cramer Blog

The price of crude oil fell $2 to under $63 a barrel Monday as skepticism over Iran's claim that it has begun enriching uranium on an industrial scale sank an early rally.
President Mahmoud Ahmadinejad said at a ceremony Monday at an enrichment facility at Natanz that Iran was now capable of enriching nuclear fuel using 3,000 centrifuges. Some experts said the announced capabilities would fall far short of the material needed to run the plant.
Light, sweet crude for May delivery fell $2.02 to $62.26 a barrel in midday electronic trading on the New York Mercantile Exchange.
Brent crude for May fell $1.01 to $66.86 a barrel in electronic trading on London's ICE Futures Exchange.
Traders overreacted to the news out of Iran, sparking an early spurt of buying that reversed itself as Tehran's claims came into question, said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. In other Nymex trading, natural gas rose 4.3 cents to $7.650 per 1,000 cubic feet, and heating oil futures were down 0.08 cent at $1.8617 a gallon.

Source: AP

Labels: Crude Oil, Oil, Oil Prices