Oil prices spike to US$100 levels on protests in Egypt amid increased US demand outlook

04-Jul-13

Oil on the Nymex spiked to near US$100 a barrel levels for the first time this year, as traders worried about disruptions to Mideast supplies while anticipating an increase in oil demand in the US. US benchmark crude for August delivery closed at US99.6 in New York after rising as high as $99.87, while in London, Brent crude finished at US$104 a barrel on the ICE Futures exchange. Oil last crossed $100 a barrel on Sept 14 2012.