Oil prices rose for the fourth day in a row today as dealers narrowed their focus to persistent geopolitical supply concerns.
Fears of more violent attacks against Nigeria's oil industry and international tension over Iran's nuclear programme helped lift prices to their highest level in nearly a month and discouraged traders from going short into the weekend.
US light crude for April delivery was up 29 cents to $63.65 a barrel early today, taking four-day gains to more than 4 per cent. Prices hit their highest level since February 7th.
European crude benchmark Brent was up 39 cents at $64.46.
Top EU powers will meet Iran's chief nuclear negotiator today for a last attempt at dialogue before the International Atomic Energy Agency's (IAEA) 35-nation board of governors convene on Monday to weigh a report saying essentially that Iran has ignored a February 4th call to re-suspend enrichment work.
Referring the issue to the UN Security Council moves Iran a step closer to possible sanctions, which oil traders fear could prompt to world's fourth largest oil exporter to cut supplies.
Although Iranian energy officials have said this will not happen, the country's president remained defiant.
The IAEA meeting comes two days before a gathering of Opec, which is widely expected to continue pumping oil at near full throttle in view of current price strength, although hard-line price hawk Venezuela has lobbied for a cut.
