Commodities

Oil rises to $91 amid Egypt concerns

Agencies Singapore | Updated on February 02, 2011

Oil rose in the Asian trade today, with Brent crude within a whisker of breaching $102 a barrel again as the unrest in Egypt continued to weigh down investor mood.

New York’s main contract, light sweet crude for March delivery, gained two cents to $90.79 and Brent North Sea crude, also for delivery in March, advanced 25 cents to $101.99.

The turmoil in Egypt fuelled Brent crude price to an intraday high of $102.08 on Tuesday, its highest level since late September 2008 after the Lehman Brothers bankruptcy sent financial markets into a tailspin.

Egypt is not a major crude producer but the country is home to the crucial Suez Canal, which carries about 2.4 million barrels of oil a day — roughly equivalent to the daily output of Iraq or Brazil.

Published on February 02, 2011

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