Oil up on tight supplies

Business, Normal

The National, Wednesday 22nd August, 2012

LONDON: Oil prices rose on Tuesday on worries over possible tight supplies caused by tensions over Iran, analysts said.
Brent North Sea crude for delivery in October gained US$0.69 to A$114.39 a barrel in London midday deals.
New York’s main contract, light sweet crude for September stood at US$96.54 a barrel, up US$0.57 after briefly striking a fresh 3.5-month high at US$96.76.
“Markets have shown increasing nervousness over current and possible disruptions to supply, amid rising geopolitical tensions in the Middle East,” Leo Drollas of the London-based Centre for Global Energy Studies, said –  AFP