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    <title>Business Recorder - Markets - Energy</title>
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    <language>en-Us</language>
    <copyright>Copyright 2026</copyright>
    <pubDate>Sat, 15 Aug 2026 17:29:35 +0500</pubDate>
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      <title>Egypt fears keep oil above $100, Asian shares gain</title>
      <link>https://www.brecorder.com/news/1586/egypt-fears-keep-oil-above-100-asian-shares-gain</link>
      <description>&lt;p class="MsoPlainText"&gt;&lt;img style="margin-right: 10px; margin-left: 10px; float: left;" alt="HONG KONG: Oil at $100 on Egypt fears" src="https://i.brecorder.com/images/stories/pics2010/dec/oil_barrels_400.jpg" width="400" height="300" /&gt;HONG KONG: Oil stayed at $100 a barrel on Tuesday on lingering concerns over political unrest in Egypt while Asian stock markets rebounded from the previous day's losses, helped by a rally on Wall Street.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Tokyo's Nikkei was up 0.31 percent in the afternoon, Sydney closed down 1.80 points at 4,752.1 and Singapore rose 0.30 percent, while Seoul added 0.60 percent.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Shanghai opened 0.21 percent higher and Hong Kong rose 0.23 percent by the break.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;The price of Brent North Sea crude broke the $100 mark in New York on Monday to hit its highest level in more than two years as protesters demanded Egyptian President Hosni Mubarak step down.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Traders pushed crude prices higher on supply fears because while Egypt is not a major producer, it is home to the Suez Canal, which carries around 2.4 million barrels of oil a day -- about the same daily output of Iraq or Brazil.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;Brent crude for delivery in March was at $100.56 in early Asian trade, slightly down due to profit-taking after hitting $101.73 late Monday, the highest level since October 2008 -- at the start of the global downturn.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;New York's main contract, light sweet crude for March, was down eight cents at $92.11 per barrel.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;"One of the factors might be profit-taking since we're at 27-month highs," Ong Yi Ling, investment analyst at Phillip Futures in Singapore, told AFP adding that the dip might be temporary as the Egyptian political crisis drags on.&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;Center /&gt;&lt;b&gt;&lt;i&gt;Copyright APP (Associated Press of Pakistan), 2011&lt;/b&gt;&lt;/i&gt;&lt;/center&gt;&lt;/p&gt;
&lt;p class="MsoPlainText"&gt;&lt;Center /&gt;&lt;b&gt;&lt;i&gt;Copyright AFP (Agence France-Presse), 2011&lt;/b&gt;&lt;/i&gt;&lt;/center&gt;&lt;/p&gt;
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      <content:encoded xmlns="http://purl.org/rss/1.0/modules/content/"><![CDATA[<p class="MsoPlainText"><img style="margin-right: 10px; margin-left: 10px; float: left;" alt="HONG KONG: Oil at $100 on Egypt fears" src="https://i.brecorder.com/images/stories/pics2010/dec/oil_barrels_400.jpg" width="400" height="300" />HONG KONG: Oil stayed at $100 a barrel on Tuesday on lingering concerns over political unrest in Egypt while Asian stock markets rebounded from the previous day's losses, helped by a rally on Wall Street.</p>
<p class="MsoPlainText">Tokyo's Nikkei was up 0.31 percent in the afternoon, Sydney closed down 1.80 points at 4,752.1 and Singapore rose 0.30 percent, while Seoul added 0.60 percent.</p>
<p class="MsoPlainText">Shanghai opened 0.21 percent higher and Hong Kong rose 0.23 percent by the break.</p>
<p class="MsoPlainText">The price of Brent North Sea crude broke the $100 mark in New York on Monday to hit its highest level in more than two years as protesters demanded Egyptian President Hosni Mubarak step down.</p>
<p class="MsoPlainText">Traders pushed crude prices higher on supply fears because while Egypt is not a major producer, it is home to the Suez Canal, which carries around 2.4 million barrels of oil a day -- about the same daily output of Iraq or Brazil.</p>
<p class="MsoPlainText">Brent crude for delivery in March was at $100.56 in early Asian trade, slightly down due to profit-taking after hitting $101.73 late Monday, the highest level since October 2008 -- at the start of the global downturn.</p>
<p class="MsoPlainText">New York's main contract, light sweet crude for March, was down eight cents at $92.11 per barrel.</p>
<p class="MsoPlainText">"One of the factors might be profit-taking since we're at 27-month highs," Ong Yi Ling, investment analyst at Phillip Futures in Singapore, told AFP adding that the dip might be temporary as the Egyptian political crisis drags on.</p>
<p class="MsoPlainText"><Center /><b><i>Copyright APP (Associated Press of Pakistan), 2011</b></i></center></p>
<p class="MsoPlainText"><Center /><b><i>Copyright AFP (Agence France-Presse), 2011</b></i></center></p>
]]></content:encoded>
      <category>Markets</category>
      <guid>https://www.brecorder.com/news/1586</guid>
      <pubDate>Tue, 01 Feb 2011 08:26:34 +0500</pubDate>
      <author>none@none.com (Fakir Syed Iqtidaruddin)</author>
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