Oil price rises above US$96 per barrel

Oil prices are above US$96 per barrel as tensions rise over Iran's nuclear programme and OPEC boosts its demand forecast.


Benchmark crude on Tuesday rose to $96.64 per barrel in mid-afternoon trading in New York. Benchmark oil hasn't traded above US$96 in more than three months.

Brent crude rose $1.22 to US$115.78 per barrel in London.

Prices rose as Iran's president vowed to press ahead with the country's nuclear programme. The United Nations is expected to report this week that Iran has been studying nuclear weapons.

Meanwhile, OPEC boosted its medium-term forecast for global oil demand to 92.9 million barrels per day by 2015, up 1.9 million barrels from the previous forecast.