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Oil Prices Gain on Geopolitical Tensions in Middle East
Jul 3,2013 10:24CST
industry news
Source:SMM
Oil prices rose Tuesday amid growing concerns about unrest in Egypt and upbeat economic data from the United States.

NEW YORK, July 2 (Xinhua) -- Oil prices rose Tuesday amid growing concerns about unrest in Egypt and upbeat economic data from the United States.

Light, sweet crude for August delivery gained 1.61 U.S. dollars to settle at 99.6 dollars a barrel on the New York Mercantile Exchange.

Brent for August delivery went up 1 dollar to close at 104 dollars a barrel.

The concerns about the political instability in Egypt mounted as its military on Monday issued a 48-hour ultimatum for "all parties" to respond to the demands of the people.

Traders worried that the protests in Egypt, the largest Arab nation, and civil war in Syria could affect the oil production and transport in the Middle East. Egypt is not an oil exporter, but the Suez Canal makes it an important transit route for oil.

Meanwhile, oil prices were boosted by the encouraging manufacturing data from the world's top crude consumer.

U.S. factory orders in May rose 2.1 percent, slightly higher than the analysts'forecasts of 2.0 percent, according to the Commerce Department. Factory orders in April rebounded 1 percent following a 4.7 percent decline in March.

 

Oil prices

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