1:57 AM
McGhori
SINGAPORE: Brent crude climbed above $110 on Monday, extending gains from last week, as rising tensions between Iran and the West increased the risk of crude shipments being disrupted from the world’s fifth-largest oil exporter.
Iran is also unlikely to support production hikes when the Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna next week, increasing the risk that the grouping will fail to raise output at a time when high energy prices threaten to push the global economy into recession.
Brent crude rose 54 cents to $110.48 a barrel by 0425 GMT, after posting a weekly gain of more than 3 percent, its best weekly percentage gain since mid-October.
US crude climbed 49 cents to $101.45 a barrel....
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