By Lisa Twaronite, MarketWatch
TOKYO (MarketWatch) — Crude-oil prices climbed Monday, as investors feared that unrest in Egypt would continue and possibly spread elsewhere, affecting supplies in the region.
March Nymex crude-oil futures were up 20 cents at $89.54 a barrel on Globex in Asian afternoon trading hours.
On Monday, Egyptians continued to oppose the rule of their president, Hosni Mubarak, in mass protests that have continued for about a week. Read latest on Egypt unrest.
While Egypt is not major for oil markets, the country’s proximity to key oil exporters prompted investors to fear spreading unrest and the potential impact on supplies.
On Friday, crude-oil futures rallied to their biggest one-day jump since May as investors worried that violent protests in Egypt could spill over into neighboring oil-producing countries in Africa and the Middle East. See Friday's Futures Movers.
Crude for March delivery (CLH11 89.44, +0.10, +0.11%) gained $3.70, or 4.3% on Friday, to $89.34 a barrel on the New York Mercantile Exchange. For last week, oil gained 0.3%.
