Oil Rises From Lowest Point on Nigeria Disruptions - 2012/01/12 20:36Hello, everyone. Oil rose from the lowest settlement in almost 2 weeks in New York on concern that a strike in Nigeria and the threat of sanctions against Iran's nuclear program will curb crude supplies.
Crude for February delivery on the New York Mercantile Exchange gained as much as $1.34 to $102.21 a barrel in electronic trading. It was at $102.13 at 11:32 AM London time. The contract yesterday slipped $1.37 to $100.87, the lowest close since December 30. Prices are up 3.3% this year.
Brent oil was trading $1.37 higher at $113.61 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at an $11.74 premium to West Texas Intermediate futures. The spread was a record $27.88 on October 14.
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