Oil price rises as conflicts in Egypt escalate
U.S. crude oil futures rose on Wednesday as conflicts in Egypt escalated, Xinhua reported.
The protests appeared to be escalating after the supporters and opponents of Egyptian President Hosni Mubarak scuffled. The worry about the supply of oil helped push up the oil price in the past few days.
Although Energy Information Administration reported U.S. weekly crude inventory rose 2.6 million barrels in the week ended Jan. 28, oil price still surged in later trading session on Wednesday.
Light, sweet crude for March delivery rose 9 cents to 90.86 dollars a barrel on the New York Mercantile Exchange.