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Brent Oil Rises a Fifth Day to 28-Month High on Egypt Protests

Oil advanced for a fifth day in London as protests in Egypt turned violent, prompting concern that crude supplies will be disrupted and unrest may spread to other parts of the Middle East.

North Sea Brent crude rose to a 28-month high of more than $103 a barrel after clashes broke out between anti-government protesters and supporters of President Hosni Mubarak in Cairo. 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. Libyan oil official Shokri Ghanem said there’s no need yet for OPEC to raises output.