December 22nd, 2011 
admin 
On Friday, Brent crude futures rose above $104 on concerns about supply disruption after the U.S. Congress approved a bill imposing sanctions against the central bank of Iran. The bill limits ability of the buyers to pay for oil they buy from the Islamic Republic.
Brent crude that rolled over to February as the prompt month rose 42 cents to $104.02 a barrel by 0210 GMT, after it slipped 65 cents to settle at $103.60 a barrel. U.S. crude rose 6 cents to $93.93 a barrel, after falling $1.08 to settle at $93.87, after reaching a $95.99 session high.
“The geopolitical tensions surrounding Iran are putting a floor, keeping prices supported at current levels despite growing worries about the economy,” said Ben Le Brun, market analyst at OptionsXpress. “China can run but can’t hide from what’s going on in Europe. The fallout will hurt everybody.”
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