Oil prices rebounded this evening amid lingering concerns over the impact of the political uncertainty in Egypt. After breaching $100 a barrel, Brent North Sea crude was at $99.95 this evening, up 12 cents compared with Friday's close. US crude dropped 63 cents to $88.40 a barrel.
The price of New York crude lags far behind Brent owing to large supplies of oil remaining at the main US transit point of Cushing, Oklahoma, according to analysts.
Brent last week jumped above the key $100 mark for the first time in more than two years - and went on to cross $103 as sentiment was hit by concerns over the impact of the unrest in Egypt on global energy supplies.
But the market ran out of steam on Friday as traders took profits on weak jobless data in the United States, the world's biggest crude consuming nation.
While Egypt is not a major crude producer, the country is home to the Suez Canal, which carries about 2.4 million barrels daily, roughly equal to Iraq's output.
