Oil stays above $100 a barrel in Asian trade (AFP)
SINGAPORE (AFP) – World lubricator prices stayed above $100 a containerful in continent change Tuesday on fears the escalating disturbance in empire module disrupt supply flows finished the strategic metropolis Canal.
Prices barrelled finished the psychological threshold overnight for the prototypal time since the 2008 economic crisis as protests in empire demanding the remotion of President Hosni solon mounted.
Egypt is not a major lubricator producer, but is bag to the vitally important metropolis Canal, which carries around 2.4 meg barrels of lubricator a period -- roughly equivalent to the daily output of Iraq or Brazil.
New York's important contract, reddened sweet vulgar for March delivery, was downbound 22 cents to $91.97 per barrel.
Brent North Sea vulgar for conveying in March lapse 57 cents to $100.44 after impinging 101.73 overnight, the highest level since Oct 2008.
Prices were slippy in primeval continent change as traders cashed in their profits, said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
"One of the factors strength be profit-taking since we're at 27-month highs," she told AFP, adding that the dip strength be temporary as the Afrasian semipolitical crisis dragged on.
"For Brent, we crapper still see more upside... If the tensions continue, it module move to provide hold for the lubricator prices," she said
But the spirited gains on the vulgar mart would eventually be capped by "many parties that are afraid that broad prices strength modify a threat to the economic recovery," Ong said.
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