Crude oil prices climbed above the psychological $101 a barrel mark in Asia trades on Monday as investors continued to pile up positions in the commodity amid concerns that escalating sanctions or an armed conflict between Iran and Western powers over the former's nuclear program, could threaten exports leaving the Persian Gulf. The fuel prices also traded higher as sentiments were supported by hopes that the US economic situation is not as bad as believed earlier and that the world’s largest economy is likely to avoid a recession.
Benchmark crude for January delivery advanced $0.50 or 0.5% to $101.46 a barrel on the New York Mercantile Exchange. In London, Brent crude for January delivery climbed $0.58 to $110.52 a barrel, on the ICE Futures exchange.
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