31-Jan-2011 10:44 AM

Oil prices rise on Egypt unrest concerns

Oil surged the most since Sep-2009 as unrest in Egypt raised concern that protests would spread to major oil-producing parts of the Middle East (Bloomberg, 29-Jan-2011). Oil for Mar-2011 delivery increased USD3.70 to settle at USD89.34 a barrel on the New York Mercantile Exchange. Brent crude for Mar-2011 delivery rose USD2.03 to USD99.42 a barrel on the London-based ICE Futures Europe exchange, the highest settlement since 26-Sep-2008.