Oil price above $96 per barrel on Iran concerns

NEW YORK (AP) ? Oil prices are above $96 per barrel as tensions rise over Iran's nuclear program and OPEC boosts its demand forecast.

Benchmark crude on Tuesday rose 56 cents to $96.08 per barrel in morning trading in New York. Benchmark oil hasn't traded above $96 in more than three months.

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

Prices rose as Iran's president vowed to press ahead with the country's nuclear program. 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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-11-08-Oil%20Prices/id-6ac3f017fccc4aa4a03c25ed80198819

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