Oil prices fell this evening on news that Egyptian President Hosni Mubarak had stepped down, easing tensions about a potential supply disruption in the region.
Egypt is not a major oil producer, but the protests had stirred concerns about the possible disruption of oil flows along a strategic pipeline and the Suez Canal, or that the unrest could spread to oil production countries in the Middle East.
Egyptian Vice President Omar Suleiman said in a televised statement that Mubarak had bowed to pressure from the street and had resigned, handing power to the army.
After the news, US crude was down 23 cents at $86.50 a barrel, while Brent crude pared gains and was up 24 cents at $101.11 a barrel. Brent had earlier gone above $102.
