World oil prices extended gains in Asian trade today, with the unfolding political crisis in Egypt keeping the market jittery over fears about wider fallout in West Asia. New York's main futures contract, light sweet crude climbed 47 cents to 91.24 dollar in Asian morning trade. Brent North Sea crude was up 22 cents to102.56 dollar. The unfolding of the situation in Egypt has injected a burst of volatility and uncertainty into oil markets, analysts said. While Egypt is not major crude producer, the country is home to the Suez Canal, which carries about 2.4 million barrels daily, roughly equal to Iraq's output.
News On AIR | February 3, 2011 12:38 PM
World oil prices extend gains in Asian trade