02 Feb '11, 2am

Oil up in Asia amid Egypt concerns

Oil up in Asia amid Egypt concerns

SINGAPORE: Oil rose in Asian trade on Wednesday, with Brent crude within a whisker of breaching $102 a barrel again as the unrest in Egypt continued to weigh down investor mood, analysts said. 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. "Concern over the situation deteriorating in Egypt is easing... However, (the situation in Egypt) will st...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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