Oil Gains on Supply Concern After Mubarak Defies Calls to Resign
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Oil rose as Egyptian President Hosni Mubarak defied calls for his resignation, stoking speculation that renewed turmoil may disrupt crude supplies through the North African country.
Futures climbed as much as 1.2 percent in New York after Mubarak reiterated late yesterday he intends to stay on as president until elections in September, while handing some powers to Vice President Omar Suleiman in a bid to placate opponents. Prices reached a two-year high last week on concern the unrest may curb oil flows through Egypt’s Suez Canal and spread to other oil-producing nations in the Middle East.