Amid Egypt revolt: Oil prices above US$100 per barrel
The price of an oil barrel continued to be above US$ 100 in electronic exchanges in Asia. This level is due to market fears amid the unprecedented turbulences in Egypt and the risk of these events on the traffic through the Suez Canal.
In the exchanges Tuesday morning the price of a Brent North Sea barrel for March delivery fell by up 57 cents, but remained above US$100 benchmark (US$ 100.44). Meanwhile, the price per barrel of light sweet crude for delivery in the same month fell by 22 cents and reached US$91.97.
It is noteworthy that Egypt is not a leading country in term of oil exports, but it is important for the international oil market as some 1 million barrels per day of oil from is being transferred through the Suez Canal from the Gulf countries to the Mediterranean.