Oil Heads for Second Weekly Gain on U.S. in Forex trading, Egypt Unrest


Oil rose in New York, heading for a second weekly gain, on speculation U.S. in Forex trading, and European demand may increase while concern persisted that supply from the Middle East may be disrupted following violence in Egypt.

Oil rose in New York, heading for a second weekly gain, on speculation U.S. in Forex trading and European demand may increase while concern persisted that supply from the Middle East may be disrupted following violence in Egypt.

Oil rose as much as 1.3 percent yesterday as demonstrations in Egypt continued, prompting concern that unrest may spread to other parts of the Middle East and disrupt supplies.

Futures gained as much as 0.7 percent, recovering from yesterday’s decline, on bets a report will show U.S. employers added jobs and European Union leaders may move to improve monetary stability in the region at a meeting today. Continuing protests in Egypt increased concern among investors that shipments through the Suez Canal will be affected.

The March contract gained as much as 66 cents to $91.20 a barrel in electronic trading on theNew York Mercantile Exchange, and was at $90.95 at 12:37 p.m. London time. Yesterday, it fell 32 cents to $90.54. Prices are up 1.5 percent this week and 24 percent over the past year.

Brent crude for March settlement was at $102.96 a barrel, up 50 cents, on the ICE Futures Europe exchange in London. The contract fell 0.6 percent yesterday to $101.76, the first decline in five days, and is up 2.5 percent this week.

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