Saturday, February 12, 2011

Oil rises above $87 as Mubarak takes to the makes

Saturday, February 12, 2011

Singapore - rose oil prices of $87 a barrel Friday in Asia as the Egyptian President Hosni Mubarak clung to power growing protests calling for his resignation.

Benchmark crude oil supply up to 30 cents to $87.03 was March a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The Treaty increased to pay 2 cents to $86.73 on Thursday.

London Brent crude gained 49 cents to $101.93 per barrel on the ICE Futures Exchange.

Mubarak said late Thursday that he would pass some authority to his Vice President, but not immediately leave office would. Demonstrators to displace the search you said a massive rally after Mubarak later Friday in Cairo would keep.

Egypt is no big oil producing country, but it controls the Suez Canal and a nearby pipeline. Egypt's political crisis, the its 18. Day admission, has still no oil supply dealers are disturbed, concerned the upheaval in other countries in the region could spread oil-rich.

"There are renewed fears that the events in Egypt in the Middle East are copied elsewhere," Cameron Hanover said in a report. "The way other countries in the region, which come under similar attacks seems to grow."

In other NYMEX trading in March contracts, heating oil 1 cent to $2.72 rose a gallon and gasoline gained 1.7 cents to $2.49 a gallon. Natural gas of futures for March delivery down 2.2 cents to $3.96 per 1,000 cubic metres.

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