Oil prices rise on supply worries despite weak US economic data

Oil prices rose above $100 a barrel Friday as worries over global security issues outweighed weak economic data in the U.S.

In afternoon trading benchmark crude rose 59 cents to $100.12 per barrel in New York. Brent crude rose 21 cents to $108.10 per barrel in London.

Tensions between Iran and western nations, along with unrest in Syria, Bahrain, Kazakhstan and Iraq have raised worries that oil supplies could be disrupted if the unrest spreads or grows more serious.

While none of those situations has disrupted oil supplies yet, traders say it is too dangerous to sell oil or bet that oil prices will fall with tensions so high near so many important oil-producing regions. Even small disruptions in oil supplies can send prices dramatically higher.

Read Full Article from Washington Post

- Posted: 2011-12-23 12:31:21

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