Brent rises above $112 on supply fears; debt sales support

SINGAPORE: Brent crude rose above $112 a barrel on Friday, boosted by worries over supply disruption from Nigeria, while easing fears on the euro zone debt crisis after positive demand in Spanish and Italian debt sales supported sentiment. But gains were capped by a report that a proposed European Union embargo on imports of Iranian crude would be phased in over six months. Brent crude rose 89 cents to $112.15 a barrel by 0725 GMT after rising more than a $1 to hit an intra-day high of $112.50. Prices were on track for a 1 percent drop this week. US oil was up 87 cents at $99.97 per barrel, after touching a high of $100.19 earlier in the session, but was headed for a 1.5 per cent drop this week. “Iran is perhaps a longer-term...

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