• Print
• E-Mail

NEW YORK - Crude futures climbed on Thursday after a seven-week low following a drop of more than $3 a barrel on Wednesday.

Crude oil futures for September delivery were trading up 91 cents or 0.73 percent to $125.35 a barrel at 4:51p.m. in the New York Mercantile Exchange. Crude in New York fell as low as $123.50 today.

On Wednesday futures fell $3.98 settling to $124.44 a barrel, the lowest since June 4 amid concerns that demand in the top consumer, the United States is decreasing.

"For the foreseeable future--at least for the next 6 to 12 months--we have demand destruction," said James Cordier, president of trading firms Liberty Trading Group and OptionSellers.com, according to the Associated Press.

Brent crude futures for delivery in three months rose 41 cents today or 0.33 percent to $125.22 a barrel at 3:42 p.m. in the London ICE Futures Exchange.

Supporting prices today, investors remained concerned about political tensions in Iran. The country has warned it would shut down the Strait of Hormuz if it is attacked. A quarter of the world's crude is transported through the strait.

Iran is the second biggest producer in the Organization of Petroleum Exporting Countries.