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Oil prices jump on Egypt jitters, Brent breaks USD100 a barrel

02. February 2011. | 09:08

Source: MIA

Crude oil prices jumped on Monday and Brent crude benchmark breached 100 U.S. dollars a barrel for the first time since 2008, as investors remained anxious on the Egypt jitters and worried about oil outflow from the Middle East, Xinhua reports.

Crude oil prices jumped on Monday and Brent crude benchmark breached 100 U.S. dollars a barrel for the first time since 2008, as investors remained anxious on the Egypt jitters and worried about oil outflow from the Middle East, Xinhua reports.

In London, Brent crude rose 1.59 dollars to 101.01 dollars a barrel on the ICE Futures exchange. That's the first break above 100 dollars since September 2008.

Light, sweet crude for March delivery surged 2.85 dollars, or 3. 19 percent to 92.19 dollars a barrel on the New York Mercantile Exchange, its highest settlement since October 2008.

The continuing unrest in Egypt arouse great concerns. Although Egypt is not a major oil producing country, but its Suez Canal is one important oil carrier in the Middle East, passing about two million barrels a day. Until now the Suez Canal remains open. But investors worried this unrest could spread to more Arabian countries like main oil producer Saudi Arabia.

Oil prices also got a boost from positive U.S. economic data of Midwest factory activity and firmer consumer spending and rising stock markets.

And the Organization of Petroleum Exporting Countries (OPEC) has refrained from announcing any output boost, despite consumer countries' warning that surging oil prices would be a threat to economic recovery.

In other energy trading on the New York Mercantile Exchange, heating oil, gasoline and natural gas all rose.

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