Oil rises above USD 98 as protests in Egypt continue

July 01, 2013 22:43

The price of oil briefly rose above USD 98 a barrel today on concerns about protests in Egypt and their possible effect on Middle East oil supplies. Also, a report showing a pickup in US manufacturing offset data showing a slump in China's manufacturing sector.

By midday, US benchmark crude for August delivery was up 88 cents to USD 97.44 a barrel on the New York Mercantile Exchange. Oil rose as high as USD 98.28 in the morning. In London, Brent crude was up 87 cents at USD 103.03 a barrel on the ICE Futures exchange.

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