Oil Increases as Iran Tension Heightens

CNBC reported that the price of oil received support from concern about Iran’s nuclear situation, which is allaying worries about the world’s slow economic growth and the possibility of a rise in US crude inventories.

As quoted in the market news:

Brent November crude rose $1.14 to $110.95 a barrel by 11:58 a.m. EDT (1558 GMT), having reached $111.47.

Prices slipped to $108.78 in Monday’s session, but that was well above Brent’s six-week low of $107.10 hit last Thursday and did not threaten a test of support at the 100-day moving average, a technical indicator closely watched by traders.

U.S. November crude was up 67 cents at $92.60 a barrel, off its $93.20 session peak.

Monday’s dip to $91.06 by U.S. crude did not threaten its $90.66 low from last Thursday, which was the weakest price since early August.

Click here to read the full CNBC report.