World Oil Price Rises

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by AFP

World oil prices rose on Tuesday, in line with gains across global stock markets as buoyant US consumer data and simmering tensions in crude producers Iran and Nigeria provided support, analysts said.

New York’s main contract, West Texas Intermediate crude for delivery in February, rallied $1.38 cents to $102.69 a barrel.

Brent North Sea crude for February gained 82 cents to $113.27 in early afternoon trade.

European equities rose strongly on Tuesday as Chinese data and upbeat US figures and company results overshadowed fears over the stubborn eurozone debt crisis, dealers said.

Investor sentiment was boosted as slowing Chinese exports sparked fresh speculation over more monetary easing from Beijing.