Image: US crude gained 27 cents to $91.52

Oil prices were boosted today because of increased fears over oil supplies, due to the escalating tensions in the Middle Eastern region.

Hostility between Western nations and Iran regarding its disputed nuclear programme and cross border violence between Turkey and Syria has added to fears about oil supplies from the Gulf.

November Brent crude was up 60 cents to $114.93 a barrel while US crude gained 27 cents to $91.52 over the unexpected rise in crude stocks last week, amounting to 1.6 million barrels.

The US Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC) said in a report that global oil demand is weaker than the it was in the previous forecast, and have therefore cut their forecasts for growth in demand for world oil in 2013.

Energy Information Administration (EIA) and the OPEC will release their oil outlooks this week, while the International Energy Agency will unveil its October oil markets, reports Reuters.

Image: US crude gained 27 cents to hit $91.52. Photo courtesy of Amiralis.

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