US crude up more than $1/bbl on fresh concerns over Iran

28 May 2012 08:46  [Source: ICIS news]

SINGAPORE (ICIS)--US crude futures rose by more than $1/bbl on Monday amid fresh concerns over Iran’s dispute with the West and its potential impact on oil supplies.

At 07:06 GMT, July NYMEX light sweet crude futures (WTI) were trading at $91.89/bbl, up $1.03 from the previous close. Earlier, the US benchmark climbed to a session high of $91.90, up $1.04.

Floor trading in New York will be closed on Monday because of the Memorial Day holiday.

July Brent crude on London’s ICE futures exchange was trading at $107.64/bbl, up 81 cents from the previous settlement. Earlier, the North Sea benchmark rose to a high of $107.75, up 92 cents.

Oil prices rose after Iran, the second-biggest crude producer in the Organization of Petroleum Exporting Countries (OPEC), refused the International Atomic Energy Agency access to a nuclear site.

Leading world powers are scheduled to meet again in Moscow next month to discuss the crisis triggered by Tehran’s controversial nuclear programme after talks failed last week in Baghdad.

By: Nurluqman Suratman

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