Oil prices rise as EU agrees to Iran embargo

Oil prices rose on Monday after the European Union agreed to slap an embargo against Iran's crude exports, in a move aimed at stopping the key oil producer from funding its disputed nuclear programme.Brent North Sea crude for delivery in March climbed 56 cents to $110.42 a barrel in early London deals.New York's main contract, West Texas Intermediate crude for March, edged up five cents to $98.38 a barrel.

Oil prices rallied on Monday after the EU slapped an embargo on Iran's crude exports as part of tough new sanctions aimed at stopping the key oil producer from funding its disputed nuclear programme.Brent North Sea crude for delivery in March climbed $1.17 to $111.03 a barrel in London late afternoon deals after the widely-expected move.New York's main contract, West Texas Intermediate crude for March, won $1.04 to $99.37 a barrel.

West Texas Intermediate crude fell for the first time in four days before government data that may show U.S. stockpiles rose from an 82-year high. Saudi Arabia increased production to the most in five months.

Oil prices rose on Monday as the market reacted to potential supply disruptions in Nigeria and Iran, while keeping a watch over fresh eurozone strains after last week's ratings downgrades, analysts said.New York's main contract, West Texas Intermediate crude for delivery in February, gained 65 cents to $99.35 a barrel.Brent North Sea crude for February climbed 62 cents to $111.06 in midday London deals.

Oil prices rose on Monday as major crude producer Iran and Western powers failed to reach agreement over Tehran's nuclear programme and as the dollar weakened against the euro, analysts said.New York's main contract, West Texas Intermediate crude for delivery in July gained $1.01 to $91.87 a barrel.Brent North Sea crude for July won $1.14 to $107.97 in London midday deals.

Oil prices rose Thursday on news that the US Federal Reserve would keep interest rates low for more than two years to boost growth in the world's biggest economy, analysts said.New York's main contract, West Texas Intermediate crude for delivery in March, gained 78 cents to $100.18 a barrel.Brent North Sea crude for March jumped $1.23 to $111.04 in London midday deals."Yesterday's Fed announcement underpins crude oil prices in two main ways," said Jack Pollard, an analyst at Sucden Financial Research.

World oil prices diverged Tuesday as dealers balanced better-than-expected eurozone and German economic growth data with ongoing concerns over Greek political turmoil.In London midday deals, Brent North Sea crude for June rose 70 cents to $112.27 a barrel, one day after striking a four-month low at $110.04.New York's main contract West Texas Intermediate crude for delivery in June was down three cents at $94.75 per barrel. The contract had on Monday hit its lowest intra-day level since December 19 at $93.65.

Crude oil prices extended gains on Wednesday as traders reacted to a forecast that global demand is set to grow and hopes for a Greek debt deal, analysts said.New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, jumped $1.06 to $99.47 a barrel.Brent North Sea crude for March rose 27 cents to $116.50 in London midday deals.In a report Tuesday, the US Energy Information Administration forecast that worldwide demand is set to accelerate over the next two years.