02 Feb '11, 9pm

Egypt unrest drives oil prices higher

NEW YORK - Oil prices rose Wednesday as investors worried about mounting unrest in Egypt that could disrupt traffic in the crucial Suez Canal. New York's main contract, light sweet crude for March, edged up nine cents to close at $90.86 a barrel. "The unfolding of the situation in Egypt has injected a burst of volatility and uncertainty into oil markets," Barclays Capital analysts said in a client note. The New York contract had climbed more than six dollars on Friday and Monday, then shed $1.42 dollars Tuesday. Chaos reigned in Cairo's Tahrir Square on Wednesday as supporters of embattled Egyptian President Hosni Mubarak clashed with opposition protesters in running battles that left hundreds of people injured. In London, Brent North Sea crude for delivery in March reached $102.47 a barrel -- the highest point since late September 2008. Brent settled at $102.34, up 60 cen...

Full article: http://www.channelnewsasia.com/stories/afp_world/view/110...

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