Brent crude gained 40¢ to stand at $109.40 this morning, its single biggest rise in a month after initial losses were triggered by concerns about supply shortages from Iran and Syria.
Sanctions against the two countries are expected to further support prices, reports Reuters.
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Meanwhile, investors are awaiting today’s meeting of eurozone finance ministers to approve the region’s €440bn bailout fund.
US crude fell by 12¢ to $98.09 a barrel following Fitch Ratings’ revision of the US credit rating outlook to negative, and an expected rise of one million barrels in domestic crude stocks.
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