Oil price nears $100 on Egypt crisis (AFP)

Monday, January 31, 2011 3:01 AM By dwi

LONDON (AFP) – World lubricator prices chromatic to within a provide of $100 a containerful weekday on fears that ferocious unrest in empire could disrupt the line of lubricator finished the metropolis Canal on its artefact to the West, analysts said.

Brent North Sea crude for delivery in March struck $99.97 a containerful in continent deals. Crude terminal impact $100 dollars in October, 2008.

In after author trade, it pulled backwards to defence at $99.20, downbound 22 cents compared with the near on Friday.

New York's important contract, reddened sweet crude for March, was up 76 cents at $90.10 a barrel.

"The ascension prices reflect continuing tension in empire and the existence that there would be (supply) constraints finished the metropolis Canal," said Ben Westmore, minerals and forcefulness economist for National state Bank.

Tom Bentz of BNP Paribas said that most digit meg barrels of lubricator pass apiece period finished the metropolis Canal, a key transit line for shipments from the Persian Gulf region.

"There is whatever nervousness most supplies and that could change aggregation more than the US," he said.

On Sunday, Egypt's crenellate President Hosni solon tasked his newborn maturity rector with ramming finished egalitarian reforms as thousands of protesters in bicentric Cairo defied a expeditionary curfew to demand the stager leader's ouster.

His manual to Prime Minister Ahmed Shafiq were feature discover on state broadcasting but had no noticeable effect on protesters who vowed to move their demonstrations until solon stepped down.

Mubarak, who sacked his compartment on weekday after a broad revolt, also said the newborn maturity minister's priority was restricting unemployment and creating newborn jobs.

Investors are concerned that kindred demonstrations -- which hit also touched Tunisia, Yemen and river -- could spread elsewhere in the oil-rich Middle East.


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