Brent up by $1/bbl on euro hopes and Iran nuclear worries

08 November 2011 12:11  [Source: ICIS news]

SINGAPORE (ICIS)--Brent crude futures rose by more than $1/bbl on Tuesday, buoyed by positive political developments in Greece and supply worries, heightened by geopolitical tensions over Iran’s nuclear programme.

At 11:18 GMT, December Brent crude on London’s ICE futures exchange was trading at $115.99/bbl, up by $1.43/bbl from the previous close. Earlier, the North Sea benchmark climbed to a session high of $116.19/bbl, up by $1.63/bbl.

December NYMEX light sweet crude futures (WTI) were at $96.27/bbl, up by 75 cents/bbl from the previous close. Earlier, the US benchmark rose to a session high of $96.60/bbl, up by $1.08/bbl.

Concerns over eurozone debt have been eased, to some extent, on hopes that a new coalition government in Greece could help to stabilise the country and enable EU-IMF debt-relief loan plans to progress. However, there are now worries over Italian debt amid record increases in the cost of borrowing for the government in Rome.

Meanwhile, prices were pressured by concerns over the supply of crude from Iran as geopolitical tensions mounted over fears that Tehran is developing nuclear missiles.

By: James Dennis
+65 6780 4359

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