Oil prices surge over Egypt unrest
Mon, 31 Jan 2011 05:39:05 GMT
World oil prices are rising in world markets amid fears that mounting political unrest in Egypt might disrupt supplies through the Suez Canal.
US crude for March delivery has gained nearly two percent, trading above $90 a barrel in electronic trading on the New York Mercantile Exchange. Earlier on Friday, US crude surged more than four percent as the protests in Egypt rattled markets.
Some analysts believe that the ongoing turmoil in Egypt may affect the oil supply to Europe more than the United States.
At least 150 have been killed and thousands more injured in clashes since anti-government rallies began in the Egyption capital of Cairo, Suez and Alexandria last Tuesday.
Protesters have one demand and that is the resignation of Egyption President Hosni Mubarak. They want a regime change and have dismissed Mubarak's appointment of a new cabinet and prime minister.
Investors fear that the popular uprising in Egypt could intensify and spread across the crude-producing Middle East. Experts say any disruption to oil supplies from the region could lead to a steep price surge.