04 Feb '11, 10pm

Why high oil prices? Egypt also home to Suez Canal (via ST iPhone App)

World oil prices remained high in Asian trade Friday, with the market under pressure from the ongoing political crisis in Egypt. -- PHOTO: AFP SINGAPORE - WORLD oil prices remained high in Asian trade Friday, with the market under pressure from the ongoing political crisis in Egypt where anti-government protests have turned violent. New York's main futures contract, light sweet crude for March, was up five cents to US$90.91. Brent North Sea crude for delivery in March advanced 25 cents to US$102.01. In overnight London trade, the contract hit US$103.37 at one point, its highest level since September 26, 2008, before settling lower. The oil market has been on edge since the mass uprising in Egypt began nearly two weeks ago with demands for the ousting of President Hosni Mubarak. While Egypt is not a major crude producer, the country is home to the Suez Canal, which carries ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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