Oil prices on the rise

Brent North Sea crude close to $112

Brent North Sea crude for September has jumped to around $112 per barrel amid rising demand and concerns over a potential decline in supplies.

Press TV,

7 August, 2012

New York's benchmark, West Texas Intermediate crude for September delivery, climbed steadily during Tuesday’s trading session on Wall Street to end up $1.47 from Monday at $93.67 a barrel, AFP reported on.

It was the highest level for West Texas Intermediate in nearly three months.

"In addition we've seen bigger-than-expected inventory drawdowns in the US recently, implying that demand for oil remains strong," Fawad Razaqzada, an analyst at trading group GFT Markets, was quoted as saying.

"The euro's recent strength has provided additional support. Geopolitical concerns in the Middle East and hurricane season in the US have kept supply concerns elevated," he added.