LONDON (ShareCast) - Oil futures inched higher Monday as concern over global supplies returned. Middle East tensions returned to the fore as Iran’s deadline from world powers to respond over its nuclear plans comes to a close in less than a week.

Iranian president Mahmoud Ahmadinejad sparked tensions when he said the country operates twice the number of uranium-enriching machines than previously thought.

Crude oil for September delivery closed up $1.47 at $124.73 a barrel on the New York Mercantile Exchange.

More attacks on Nigerian pipelines also pushed futures higher. The Movement for the Emancipation of the Niger Delta said they believed the pipelines were owned by a unit of Royal Dutch Shell.

However analysts said Monday’s gains were kept in check by slowing global demand after a recent report showed consumers were reducing consumption amid soaring prices.

Gold futures edged higher Monday although gains were modest as investors traced oil and dollar prices.

Gold for August delivery rose 90 cents to close at $927.70 an ounce on the New York Mercantile Exchange after falling to a low of $922.40 earlier in the session.

Also on the Nymex silver for September delivery rose 9 cents to close at $17.465 an ounce while October platinum climbed $18 to settle at $1,776.70 an ounce.

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