Oil Gains a Second Day as Egypt Unrest Prompts Supply Concern
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Oil advanced for a second day in New York as protests in Egypt turned violent, prompting concern that crude supplies may be disrupted and unrest may spread to other parts of the Middle East.
Futures gained as much as 1 percent after clashes broke out between anti-government protesters and supporters of President Hosni Mubarak in Cairo. Jordan announced a change of government Feb. 1 after protests last week. About 2.5 percent of global oil production moves through Egypt via the Suez Canal and the Suez-Mediterranean Pipeline, according to Goldman Sachs Group Inc.