Commodities

Oil stays above $100

Agencies Singapore | Updated on February 01, 2011 Published on February 01, 2011

World oil prices stayed above $100 a barrel in the Asian trade today on fears the escalating turmoil in Egypt will disrupt supply flows through the strategic Suez Canal.

Prices barrelled through the psychological threshold overnight for the first time since the 2008 economic crisis as protests in Egypt demanding the removal of the President, Mr Hosni Mubarak, mounted.

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

New York’s main contract, light sweet crude for March delivery, was down 22 cents at $91.97 per barrel. Brent North Sea crude for delivery in March fell 57 cents to $100.44 after touching 101.73 overnight, the highest level since October 2008.

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Published on February 01, 2011
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