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Crude oil above $109 on Iran tension, Chinese data

Christopher Johnson
Reuters [1]
January 3, 2012

Crude oil rose above $109 a barrel on Tuesday as tension between Iran and the United States stirred worries over a possible disruption to oil supplies and as Chinese data showed economic activity increasing.

Crude oil was one of the best performing assets in 2011, with Brent posting an annual gain of 13 percent, to a record average of nearly $111 a barrel, as unrest in North Africa and the Middle East disrupted supply.

And the market began the new year strongly on signs of rising demand from emerging economies and supply concerns.

ICE Brent crude futures climbed $1.92 to a high of $109.30 a barrel by 0850 GMT on the first day of trading for 2012. U.S. crude futures were up $1.77 at $100.60 a barrel after hitting an intraday high of $100.91.

Full article here [1]