Monday, 13 August 2012

Brent hits 3-month high above $114

Brent crude rose above $114 per barrel to its highest in more than three months as Israel's comments on stopping Iran from proceeding with a disputed nuclear programme stoked worries about a disruption in supply from the region.
Prime Minister Benjamin Netanyahu had said that most threats to Israel's security were "dwarfed" by the prospect of Iran obtaining nuclear weaponry. Those comments overshadowed recent forecasts of a further slowdown in oil demand growth due to a weak economic outlook in the United States and Europe. The debate in Israel whether to go to war against Iran over its nuclear programme intensified during the weekend, worrying oil investors who see it as defying appeals by U.S. President Barack Obama to allow more time for international diplomacy.
Brent crude, which hit $114.28 -- its highest since May 4, traded 41 cents up at $113.36 a barrel by 0635 GMT, gaining for six out of the past seven sessions. U.S. oil rose 18 cents to $93.05, after ending 49 cents lower at $92.87.

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