Bloomberg News

Oil Rises For Second Day Amid Iran Tensions, U.S. Economic Data

December 29, 2011

Dec. 30 (Bloomberg) -- Oil rose for a second day in New York amid potential supply disruptions by Iran around the Strait of Hormuz and on signs that the economy of the U.S. is improving, spurring fuel demand.

Crude oil for February delivery gained as much as 19 cents, 0.2 percent, to $99.84 a barrel on the New York Mercantile Exchange. Prices are set for a 9.2 percent rise this year after climbing 15 percent in 2010.

Brent oil for February settlement yesterday rose 45 cents, or 0.4 percent, to $108.01 a barrel on the London-based ICE Futures Europe Exchange.

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Christian Schmollinger at christian.s@bloomberg.net


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