February 2, 2011 2:34 PM

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Oil prices rise above 102 dollars a barrel amidst political unrest in Egypt

Oil rose in Asian trade today, with Brent crude within a whisker of breaching 102 dollars a barrel again. The unrest in Egypt continued to weigh down investor mood. New York's main contract, light sweet crude for March delivery gained two cents to 90 dollars 79 cents and Brent North Sea crude, also for delivery in March, advanced 25 cents to 101 dollars 99 cents. Egypt is not a major crude producer but the country is home to the crucial Suez Canal, which carries about 2.4 million barrels of oil a day roughly equivalent to the daily output of Iraq or Brazil.

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