Oil near $108 as weak demand picture offsets Iran

Oil prices climbed for a third day Wednesday as fears deepened that Tropical Storm Gustav could enter the Gulf of Mexico as a powerful hurricane and disrupt oil and natural gas production.

February 28, 2012 6:43:50 AM PST
Oil prices fell slightly Tuesday in Asia as a weak demand picture offset fears of a potential supply disruption should tensions explode between the West and Iran over its nuclear program.