Brent rises above $111/bbl as supply trumps economy

31/01/2012 08:06 AST

Brent crude inched above $111 a barrel on Tuesday, on track for its first rise in two months, as concerns over supply from Iran and South Sudan trumped worries about a global economic slowdown that could hit oil demand.

Investors are worried about oil supplies from OPEC's second-largest producer, Iran, as the United States is eyeing more sanctions, on top of a European embargo on Iranian oil, as the West steps up pressure on Tehran to stop its nuclear programme.

South Sudan's decision to keep its production shut in a transit fee dispute with former civil war foe Sudan added to the supply worries.

ICE Brent crude was up 67 cents at $111.42 a barrel by 0414 GMT, on course to rise 3.5 percent in January. U.S. March crude was at $99.37 a barrel, up 59 cents.

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