Oil Gains on Supply Concern After Mubarak Defies Call to Resign

Oil rose on concern supplies may be disrupted amid further unrest after Egyptian President Hosni Mubarak defied calls for his resignation, agreeing only to delegate some authority to his deputy.

Futures climbed as much as 1.2 percent in New York after Mubarak, 82, reiterated late yesterday he intends to stay on as president until elections in September, while handing powers to Vice President Omar Suleiman in a bid to placate his opponents. West Texas Intermediate crude rose to a two-year high last month amid concern supply through Egypt’s Suez Canal may be disrupted and unrest may spread to other parts of the Middle East.

“The big risk is of contagion to the large oil-producing countries like Saudi Arabia or Iran in the region,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne.

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- Posted: 2011-02-10 22:57:59

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