Brent above $107, Mideast tension heightens supply concerns

Brent crude futures edged above $107 a barrel on Monday on fears that tensions over Iran’s nuclear programme, and clashes in Egypt and Syria, may disrupt Middle Eastern output as demand for fuel rises ahead of the Northern Hemisphere winter.

The uncertainty has made investors refrain from selling oil contracts even as the euro zone debt crisis threatens to slow economic growth as well as fuel consumption.

Brent crude traded at $107,67 a barrel, up 11 cents, by 0303 GMT. Futures had fallen in the previous three sessions, paring this year’s gains to 14%. US oil climbed 11 cents to $97,78. Prices have increased 4,8% this month after an 18% jump in October.