February 1, 2011 10:44 AM

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Oil stays above $100 barrel in Asian trade

World oil prices stayed above 100 dollars a barrel in Asian trade today. This follows fears that the escalating turmoil in Egypt will disrupt supply flows through the strategic Suez Canal.Prices barrelled through the psychological threshold overnight for the first time since the 2008 economic crisis as protests in Egypt demanding the removal of President Hosni Mubarak mounted.Egypt is not a major oil producer, but is home to the vitally important Suez Canal, which carries around 2.4 million barrels of oil a day — roughly equivalent to the daily output of Iraq or Brazil.New York's main contract, light sweet crude for March delivery, was down 22 cents to 91.97 dollars per barrel. Brent North Sea crude for delivery in March fell 57 cents to 100 dollars 44 cents after touching 101 73 overnight, the highest level since October 2008.

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