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Oil rises above $101 in Asia amid supply fears
Oil prices rose above $101 a barrel in Asia on Thursday as concerns loomed that a strike in Nigeria and heightened tension in Iran would threaten global oil supplies.
Benchmark crude for February delivery rose 37 cents to $101.24 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell by $1.37 to settle at $100.87 in New York on Wednesday.
A Nigerian union representing oil workers in Africa’s top crude supplier warned Wednesday they planned to escalate their strike to back protests against an end to fuel subsidies. At the same time, Japan said it would cut oil imports from Iran in support of U.S. sanctions against Tehran.
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