Oil rises and eyes are still on Egypt and the U.S. jobs

Crude oil prices rose in futures on Friday with a continuing concern in the markets because of the turbulent situation in Egypt, waiting for U.S. jobs data issued later on Friday. By 1109 GMT, U.S. light sweet crude rose 16 cents to 90.70 dollars a barrel. After falling behind am Brent crude contracts in March, up 20 cents to 101.95 dollars a barrel. Brent has touched the level of 103.37 dollars on Thursday to its highest level during the trading session since the Sept. 26, 2008.
Said Christopher Barrett, an analyst at Credit Agricole CIB. Any. Me, "Everyone watching what is happening in Egypt. Appears to be a crucial day."
Brent crude was more than seven dollars since the outbreak of unrest in Egypt ten days ago, from about $ 95 a barrel on 25 January. The increase of eight percent more than a third of the total increase achieved by the crude in the whole of last year which is 22 percent.
Analysts said prices will remain high, probably with the continuing protests. The rally in opposition to the Egyptian President Hosni Mubarak in large numbers in Tahrir Square in Cairo today to demand he step down from power.
U.S. officials said on Thursday they are discussing with their Egyptian counterparts are several ways to move toward an orderly transition of power, leading to expedite the resignation of President Mubarak.
Said Christopher Bellew of Bach Commodities, "said OPEC President that the increase in oil below $ 100 is not desirable, but as long as the turmoil in the Middle East will remain an ongoing oil prices is likely at this level."
"It must be terrible fear is an extension of the disturbances to the major producing countries such as Saudi Arabia."
Egypt and caused disturbances in the shock waves throughout the Middle East and North Africa, which produces more than a third of global oil supplies, amid demonstrations in Yemen and reforms in Jordan and Algeria after the ouster of Tunisia last month.
But the protests in Egypt, did not affect the movement of ships in the Suez Canal or the flow of oil through the pipeline SUMED. Is controlled by Egypt on each of the Suez Canal line SUMED who have been transferred more than two million barrels per day of crude oil and refined products through them in 2009, according to the latest available data.
As traders awaited U.S. employment data for the month of January and published later, will give an indication of the state of the economy and demand for energy in the country's largest oil consumer in the world.
It is expected that employment has gained momentum in January, extending its rally for the fourth consecutive month but not enough to prevent unemployment from rising. It is expected to increase non-agricultural jobs and 145 thousand job, but fierce blizzards hit large areas of the United States during the survey period may result in much lower number