Oil markets rose this morning on worries of supply disruption from Nigeria, while positive demand about Spain and Italy’s debt sales eased eurozone debt woes.
Talks between one of Nigeria’s main train unions are ongoing over the government’s removal of fuel subsidies, but strikes will continue until an agreement has been reached, reports Reuters.
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Brent crude rose by 87¢ to stand at $112.13 a barrel, while US crude gained 98¢ to $100.08; however, a report about a proposed EU embargo on imports of Iranian crude to be implemented over six months capped gains.
The US also imposed sanctions on China’s state-run Zhuhai Zhenrong Corporation, which supplies refined petroleum products to Iran.
