Brent oil trading firm at $101, Eygpt tension boosts prices

11 February 2011 11 February 2011

BonTrade

Brent oil futures open Friday’s trading session firm over $101 a barrel as the latest tensions in Eygpt have traders and investors concerned over oil supply, fueling higher oil prices.

Latest Brent Oil Price

In London, Brent crude oil futures for March 2011 delivery was trading at $101.40, 08.30 GMT on the ICE Futures Exchange.

Brent oil’s rebound came after Egyptian President Hosni Mubarak refused to step down on Thursday, delegating some powers to Vice President Omar Suleiman and enraging protesters who have demanded his immediate resignation.

Crude Oil Supply and the Suez Canal

Conflicts in Egypt could disrupt crude oil supplies passing through the Suez Canal, which provides a link between Europe and Asia and allows ships safer and faster travel between the regions without having to sail around Africa.

Furious Egyptian demonstrators have today vowed to mount their biggest protests yet after President Hosni Mubarak dashed expectations by pledging once again to stay in office.

Earlier this week, Suez Canal workers went on strike, in support of the movement to remove Mubarak from power.