Oil prices higher on Friday, in a positive report, employment in the United States and Egypt crisis continues to concern.
In the New York mercantile exchange for delivery in August benchmark crude futures rose $1.98, or 2%, to settle at $103.22 a barrel. This is the highest closing price since May 2, 2012.
After Wednesday's resignation of Egyptian President Mohammed mursi, his supporters began a series of protests and attacks on Friday. Hundreds of demonstrators guard headquarters of the republic of military parade
Egypt is not a producer, but the control of the Suez Canal, is one of the world's busiest shipping lanes, provided the vital role, in the maintenance of global energy supplies.
Supply now free to move through the canal.
American employers added 195000 jobs, a powerful in June and thinks than before in April and may. Employment growth suggests that economic strength, makes it more likely before the end of the year, the fed will slow its purchases of bonds.
These purchases helped keep long-term interest rates low to support the economy. This, in turn, boost investment, such as stocks and oil.
Pump, a gallon of gasoline in the national average for a third consecutive trading day at $3.48. This is from a month ago fell 14 cents, and 14 cents higher than the same period last year.
, which is used to set many U.S. refinery crude oil, brent crude rose $2.18, or 2.1%, to close at $107.72 a barrel on London's ICE futures exchange.
In the New York mercantile exchange other energy futures trading:
- wholesale gasoline rose 6 cents, closing at $2.90 a gallon.
- natural gas fell 7 cents, to close at $3.62 per 1000 cubic feet.
- heating oil rose 4 cents, closing at $2.99 a gallon.
Other News:
Oil price climbs after strong US jobs report
Nearly 50 killed in Iraq bombings
SKorea proposes talks with NKorea on factory park
U.S. to delay key health-reform provision to 2015
FAA probes close call of Spirit jet, small plane
Transit strike to enter 2nd day in SF Bay area
Nearly 50 killed in Iraq bombings
ArthroCare completes $45M deal for ENTrigue
