LONDON (SHARECAST) - Oil prices settled higher on Wednesday as President Hosni Mubarak’s televised speech faced widespread protests in Egypt.
Violence escalated as Mubarak supporters clashed with demonstrators in Cairo.
Crude for March delivery gained 9 cents to $90.86 a barrel the New York Mercantile Exchange. Earlier it had reached a high of $91.83 as reports of growing unrest in Egypt reignited fears about key oil routes being disrupted through the Suez Canal or Sumed pipeline.
Late Tuesday Mubarak said he would not stand for re-election in the forthcoming polls this September. However protestors remained unimpressed.
Brent crude futures rose 68 cents at $102.42 a barrel.
Gold prices lost ground as the dollar advanced against major currencies.
Gold for April fell $8.20 at $1332.10 an ounce on the Comex division of the New York Mercantile Exchange.
