Futures gained as much as 0.6 percent. Thousands of Egyptians protested the killing of supporters of ousted President Mohamed Mursi in a crackdown that sparked nationwide clashes and the imposition of emergency rule. A low-pressure area in the southwestern Gulf has a 50 percent chance of becoming tropical in the next two days, according to the U.S. National Hurricane Center in Miami.
“The market is going to see some underlying support from the unrest we are seeing throughout the Middle East and the potential for a tropical storm in the Gulf that could result in a minor supply disruption out of Mexico,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Gasoline for September delivery gained 0.52 cent to $2.9897 a gallon at 10:22 a.m. on the New York Mercantile Exchange on trading volume that was 32 percent below the 100-day average. Prices are up 2.8 percent this week.
U.S. President Barack Obama condemned the violence against Egyptian civilians yesterday, canceled a scheduled joint military exercise with Egypt and directed his staff to assess whether further steps are warranted.
Pump prices, averaged nationwide, rose 0.2 cent to $3.541 a gallon, Heathrow, Florida-based AAA said today on its website. It was the first increase this month.
Ultra-low-sulfur diesel for September delivery rose 1.17 cents, or 0.4 percent, to $3.0845 a gallon on the New York Mercantile Exchange, heading for a weekly gain of 3 percent. Trading volume was 47 percent below the 100-day average.
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