Oil rises above $101 in Asia amid supply fears

Oil prices rose above $101 a barrel in Asia on Thursday as concerns loomed that a strike in Nigeria and heightened tension in Iran would threaten global oil supplies.

A Nigerian union representing oil workers in Africa’s top crude supplier warned Wednesday they planned to escalate their strike to back protests against an end to fuel subsidies. At the same time, Japan said it would cut oil imports from Iran in support of U.S. sanctions against Tehran.

“The upward move in oil futures is driven by geopolitical supply concerns over Iran and Nigeria, which presents a much more immediate threat to disruption in oil supply,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

The U.S. recently enacted new sanctions targeting Iran’s central bank and its ability to sell petroleum abroad. Iran has threatened to respond to sanctions by shutting the Strait of Hormuz, a transit route for a fifth of the world’s oil.

Comment: The oil cartel in nexus with the global central banksters-military-industrial complex and the Israel lobby are driving the prices up. Indians should expect Rs. 100/litre pertol by the end of 2012. Nigerian riots on hike in fuel prices. See more here

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