08 Nov '11, 9pm

Oil prices rise on eve of Iran nuclear report

Oil prices rise on eve of Iran nuclear report

NEW YORK: Oil prices rose on Tuesday as traders worried about the impact of a looming report on Iran's nuclear program, OPEC predicted stronger oil demand and as European stock markets rose. Oil cartel OPEC predicted demand would rise by 5.3 percent to 2015, to 92.9 million barrels a day, compared with its previous 91.0 million barrels prediction. New York's main contract, light sweet crude for delivery in December, climbed $1.28 one dollar to $96.52 a barrel. In London Brent North Sea crude for December gained 44 cents to close at $115.00. Political brinksmanship in Greece and Italy continued to play havoc with the European Union's push to get its comprehensive eurozone rescue plan into place, with both governments remaining on the rocks nearly two weeks after the plan was announced. Oil futures rose in line with European stock markets, as investors hoped for a positive o...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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