November 8, 2011
Oil prices rose over $115 on Tuesday on the back of strong seasonal fundamentals, as investors weighed the prospect of supply disruption from Iran against concerns over Italy’s sovereign debt risk.
Brent crude futures were up $1.13 a barrel to $115.69 by 0851 GMT (3:51 a.m. ET), after pushing up to $115.83 as London traders arrived at their desks.
Brent settled $2.59 higher on Monday at $114.56, its highest in more than seven weeks. U.S. crude was up 76 cents at $96.28 a barrel.
“There are several factors at play, some are offsetting each other but the general trend is to the upside,” said Carsten Fritsch, an energy analyst at Commerzbank in Frankfurt.