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Oil price rises on concern about Iran
AFP
PARIS
Petroleumworld.com 12 26 06The price of oil rose in low-volume morning trading in Europe on Tuesday after the Christmas holiday weekend but attention was focused on defiance by Iran towards UN sanctions.
Trading was also marked by concern over political strains in Nigeria.
The price of Brent quality North Sea oil for delivery in February rose by 65 cents to 63.06 dollars from 62.87 dollars at 0220 GMT.
The price of a barrel of "light sweet crude" quality for delivery in February rose by 84 cents to 63.26 dollars from 62.78 dollars.
Traders were waiting for publication on Wednesday of the weekly report from the US energy department.
Last week the department announced a decline three times bigger than expected of inventories of crude oil but traders attributed this to delays in deliveries in the Gulf of Mexico caused by fog.
But the situation in two big oil producing countries, Iran and Nigeria, continued to concern the market.
On Sunday, Iran defied the United Nations Security Council which had voted to impose sanctions against it over development of its nuclear energy programme.
Iran said that from Sunday it would start work on installing 3,000 centrifuges to enrich uranium.
In Nigeria a group of armed separatists in the oil region of the Niger delta in the south of the country threatened on Sunday to intensify its attacks daily in order to drive out foreign oil companies.
AFP 26 1120 GMT 12 06
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