31 Jan '11, 6am

World oil prices up as Egypt tensions mount

World oil prices up as Egypt tensions mount

SINGAPORE - World oil prices rose in Asian trade Monday on fears that mounting political tensions in Egypt would disrupt supplies flowing through the Suez Canal, analysts said. New York's main contract, light sweet crude for March delivery, was up 16 cents at $89.50 per barrel in afternoon trade. Brent North Sea crude for March rose 13 cents to $99.55. "The rising prices reflect continued tension in Egypt and the possibility that there would be (supply) constraints through the Suez Canal," said Ben Westmore, minerals and energy economist for National Australia Bank in Melbourne. Tom Bentz of BNP Paribas said about one million barrels of oil per day pass through the Suez Canal, a key transit route for shipments from the Persian Gulf region. "There is some nervousness about supplies and that could affect Europe more than the US," he said. On Sunday, Egypt's embattled Preside...

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

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