LONDON, Aug 13: Oil hit $115 a barrel on Monday for the first time in more than three months as concern about supplies and hopes that governments will roll out more stimulus measures outweighed signs of weakening fuel demand.

Supply of the North Sea crudes underpinning the Brent crude contract was set to hit a record low.

Brent crude rose as high as $115.11 a barrel, the highest since May 4 and by 1345 GMT was up $1.34 at $114.29. The US oil added 64 cents to $93.51. “The likelihood of some sort of intervention to stimulate economies is supporting the market,” said Christopher Bellew, an oil broker at Jefferies Bache in London. “Also, the North Sea, Iran and the Middle East are still a factor.”—Reuters