NEW YORK — Brent crude oil prices jumped above US$100 a barrel for the first time since 2008 on Monday as concern that unrest in Egypt could spread to Middle East oil producing countries or disrupt Suez Canal flows resurfaced.
Egyptian President Hosni Mubarak overhauled his government on Monday to try to defuse a popular uprising but angry protesters rejected the changes and said he must surrender power. The Suez Canal continues to operate normally.
Prices were choppy earlier on Monday, with traders reassessing Friday’s price surge after fears over contagion failed to materialize at the weekend.
OPEC Secretary General Abdullah al-Badri said on Monday the producer group would boost oil supply in the event of a real shortage, but did not expect current unrest in Egypt to affect Suez Canal or the Sumed pipeline oil flows.
Cold weather supporting heating fuel demand and supportive economic data from the United States in the form of better Midwest factory activity and firmer consumer spending also helped lift oil prices.
In London, ICE Brent crude for March LCOc1 rose 53 cents to US$99.95 a barrel, at 11:45 a.m. EST (1645 GMT), after pushing as high as US$100.25 a barrel, the first time above prices have been above US$100 since October 2008.
U.S. crude oil for March delivery CLc1 rose 70 cents to US$90.04 a barrel, having traded from US$88.40 to US$90.87, slightly narrowing the near-record discount versus Brent.
Reuters 2011
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