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23.11.2011

Oil prices climbed above $ 98 a barrel

Crude-oil futures climbed back above $98 a barrel Tuesday, putting an end to a three-session decline as tensions in the Middle East fueled concerns over supplies from the oil-rich region.

But recurring euro-zone debt woes continued to feed worries over European oil demand.

“Traders are balancing countervailing demand and supply information — constrained domestic and European demand is in a boxing match with potential supply curbs from the Middle East,” said Seth Rabinowitz, who covers commodities as a partner at Silicon Associates.

Crude for January delivery CL2F -1.36%  tacked on $1.09, or 1.1%, to settle at $98.01 a barrel on the New York Mercantile Exchange. Prices touched a high of $98.70.

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