Oil prices jump to $89.7

31/01/2011 00:00 AST

World oil prices rose in the Asian trade today on fears that mounting political tensions in Egypt would disrupt supplies flowing through the Suez Canal.

New York’s main contract, light sweet crude for March delivery, was up 37 cents at $89.71 per barrel. Brent North Sea crude for March rose 18 cents to $99.60.

“The rising prices reflect continued tension in Egypt and the possibility that there would be (supply) constraints through the Suez Canal,” said Mr Ben Westmore, minerals and energy economist for National Australia Bank in Melbourne.

Mr Tom Bentz of BNP Paribas said about one million barrels of oil per day pass through the Suez Canal. “There is some nervousness about supplies and that could affect Europe more than the US,” he said.


The Hindu Business Line

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