Oil hovers around US$100 on strong US growth data, Egypt unrest

31-Jan-11

World oil prices hovered around US$100 at the end of last week on impressive Q4-10 US economic growth data amid worsening political turmoil in Egypt. Brent oil surged as high as US$99.7 in late afternoon trading on Friday, striking a new two-year peak. The US economy grew at its fastest in five years in 2010, the Commerce Department reported, as the country bounced back from recession and fears of a double-dip recession ebbed. Gross domestic product (GDP) growth was pegged at 2.9% in 2010, reversing the 2.6% contraction seen in 2009. Egyptian President Hosni Mubarak called out the army and declared a nationwide curfew on Friday, as tens of thousands of protesters rampaged through the streets demanding his ouster.