Oil Heads for Monthly Gain - 2012/01/31 22:00Oil headed for the 3rd monthly gain since September after Greece's prime minister said debt-swap talks have made progress, easing concern that Europe's sovereign debt turmoil will curb demand.
Speculation that sanctions may reduce oil exports from Iran heightened as international nuclear inspectors met with officials in Tehran.
Crude for March delivery gained as much as $1.91 to $100.69 a barrel in electronic trading on the New York Mercantile Exchange. It was at $100.17 at 12:13 PM UK time. The contract yesterday fell 78 cents to $98.78, the lowest closing level since January 20. Prices have risen 1.4% this month and are headed for their biggest January gain since 2006.
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