Oil rose from the lowest close this year in New York on signs that crude supplies may be reduced by a strike in Nigeria and the threat of sanctions on Iran. The Nigerian oil union Pengassan said it has started the process of shutting the platforms of Africa’s top petroleum producer to support demands for the return of fuel subsidies by labor unions. Japan may significantly reduce its imports of crude from Iran, the Yomiuri newspaper reported, without saying where it obtained the information. Futures for February settlement rose as much as 46 cents, or 0.5 percent, to $101.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $101.30 at 10:59 a.m. Sydney time. Crude yesterday slipped 1.3 percent to $100.87, the lowest close since Dec. 30. Refiners in Europe have begun to halt spot purchases of crude from Iran ahead of a European Union meeting this month that could lead to a full oil embargo on the country, the Financial Times reported, citing industry executives and traders. To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net

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