Commodities

Oil rises to $87.6 on Egypt crisis

| | Updated on: Feb 11, 2011

Oil prices rose today as heightened tensions in Egypt sparked crude supply concerns.

New York’s main contract, light sweet crude for March delivery, soared 83 cents to $87.56 per barrel. Brent North Sea crude for delivery in March gained 69 cents to $101.56 on its last trading day.

The rise came after the Egyptian President, Mr Hosni Mubarak, refused to step down on Thursday, delegating some powers to the Vice-President, Mr Omar Suleiman, and enraging protesters who have demanded his resignation.

Published on February 11, 2011

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