eddiembill: Oil prices rise nearly $2 on Egypt crisis, US jobs

Sunday, 7 July 2013

Oil prices rise nearly $2 on Egypt crisis, US jobs

Oil prices rose?$1.98 Friday on a positive US jobs report and tumult unfolding in Egypt. It's the highest level for oil prices since May 2, 2012.?

By Associated Press / July 6, 2013

A trader works in the oil options pit at the New York Mercantile Exchange this week. Oil prices climbed 2 percent on Friday to finish at $103.22 per barrel. The last time oil prices were that high was May 2, 2012.

Richard Drew/AP

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The?price?of?oil?marched higher Friday with a positive report on U.S. hiring and ongoing concerns about the crisis in Egypt.

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U.S. benchmark crude for August delivery rose $1.98, or 2 percent, to finish at $103.22 per barrel on the New York Mercantile Exchange. That's the highest closing?price?since May 2, 2012.

Brent crude, a benchmark for many international?oil?varieties, rose $2.18, or 2.1 percent, to end at $107.72 per barrel on the ICE Futures exchange in London.

Following the ouster of Egyptian President Mohammed Morsi on Wednesday, his supporters began a series of protests and attacks Friday. The military opened fire as hundreds of protesters marched on a headquarters of the Republican Guard

Egypt is not an?oil?producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

For now supplies are moving freely through the canal.

U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and makes it more likely the Federal Reserve will slow its bond purchases before year's end.

Those bond purchases have supported the economy by helping keep long-term interest rates low. That in turn has given a boost to investments such as stocks and?oil.

In other energy futures trading on the Nymex:

? Wholesale gasoline rose 6 cents to finish at $2.90 per gallon.

? Natural gas fell 7 cents to end at $3.62 per 1,000 cubic feet.

? Heating?oil?added 4 cents to finish at $2.99 a gallon.

Pablo Gorondi in Budapest contributed to this report.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/mJnl-_ZpsaM/Oil-prices-rise-nearly-2-on-Egypt-crisis-US-jobs

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