Oil Trades Near 28-Month High as Egypt Riots Add ‘Risk Premium’
This article is for subscribers only.
Oil traded near its highest price in more than two years as concern that protests in Egypt may endanger Middle Eastern exports countered signs of rising supplies in the U.S., the largest crude consumer.
Futures swung between a loss of 0.4 percent and gains of 0.6 percent today after the American Petroleum Institute said yesterday that U.S. stockpiles increased for a fourth week. The Energy Department may also say today supplies climbed. Unrest in Egypt sent Brent crude above $100 a barrel earlier this week.