publish date : 26 Thursday April 2012

Oil prices rise on high demand prediction

Oil prices have risen again as the United States Federal Reserve predicted a continued increase in demand for crude.

On Wednesday, New York's West Texas Intermediate (WTI) crude for delivery in June closed at $104.12 a barrel, up 57 cents from Tuesday.

Brent North Sea crude for June delivery rose by 96 cents to $119.12 in London deals late Wednesday.

Global oil prices have increased in recent months after Iran decided to halt its crude exports to certain European countries in response to the European Union (EU) oil sanction on Iran.

In January, EU foreign ministers approved a series of sanctions against Iran, including a ban on Iranian oil imports.

The EU imposed the sanctions against Iran to pressure the country over its nuclear energy program which the West claims contains a military aspect.

Tehran has rejected the allegations, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.

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