Source: Alex Kennedy / AP / ABC News
Oil hovered below $102 a barrel Thursday in Asia amid conflicting reports about whether Iran is cutting crude exports to Europe.
Benchmark crude was down 29 cents at $101.51 per barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.06 to settle at $101.80 per barrel in New York on Wednesday.
Brent crude was down 36 cenets to $118.57 per barrel in London.
Iran’s state media reported early Wednesday that the country was taking steps to cut off oil exports to six European countries ahead of a European embargo on Iranian oil coming into effect. Later Wednesday, state TV quoted a Foreign Ministry spokesman saying crude oil exports to Europe have not yet been cut.
To read this article in its entirety visit ABC News.