Brent oil climbs above USD 101

Posted By: Pti
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London, Feb 14 (AFP) Brent crude oil rose above USD101 today on fears of copycat pro-democracy protests thatforced out Egyptian President Hosni Mubarak, analysts said.

Brent North Sea crude for delivery in April gained 57cents to USD 101.51 a barrel in London trade.

New York''s main contract, light sweet crude for Marchdelivery, dipped eight cents to USD 85.50.

Brent prices were supported by supply concerns in theMiddle East as demonstrators in various Arab states drewinspiration from Mubarak''s resignation, analysts said.

New York crude continued to lag Brent amid high levelsof US supplies.

"Even though the situation in Egypt has cooled down,there are concerns that this people''s uprising will spread toother parts of the Middle East," said Victor Shum, an analystat energy consultants Purvin and Gertz.

Mubarak, in power for three decades before quittinglast week, was the second scalp claimed by pro-democracyprotests following that of Tunisian president Zine El AbidineBen Ali, who left office in January after 23 years.

Leaders throughout the Arab world have been monitoringevents in the two countries closely.

In Algeria, hundreds of stone-throwing demonstratorsclashed with police in the eastern city of Annaba yesterdaywhile the opposition have announced another majoranti-government rally next weekend. (AFP)

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