BUSINESS

The price of oil edged up to $107.46 on Middle East, North Africa turmoil

08/16/2013 05:20 EDT | Updated 10/16/2013 05:12 EDT
The price of oil rose for the sixth consecutive day Friday on continuing violence in Egypt and supply disruptions elsewhere in the Middle East and North Africa.

Benchmark West Texas Intermediate crude edged up 13 cents to US$107.46 a barrel and was up 1.4 per cent for the week.

Brent crude, used to price oil imported by many U.S. refineries, rose 80 cents to US$110.40 per barrel for October delivery.

Turmoil in the Middle East and North Africa has disrupted some production and exports, especially in Libya and Iraq. It has also raised the spectre of spreading violence that could block important supply routes.

Violence in Egypt continued Friday as tens of thousands of Muslim Brotherhood supporters fought with armed civilians, police and troops in Cairo. At least 60 people were killed in fighting across the country, with nearly 700 having been killed since violence erupted Wednesday.

Egypt is not a major oil exporter, but there is concern that an escalation in fighting could spread to neighbouring countries or disrupt the Suez Canal, a major trade route.

Rising oil production in the U.S., Canada and elsewhere has helped keep the market supplied with oil, and global demand is rising only modestly. That has kept prices from rising even further amid the Middle Eastern violence, analysts say.

In other energy futures trading, heating oil rose one cent to close at US$3.08 a U.S. gallon (3.79 litres), wholesale gasoline fell one cent to US$2.97 a gallon and natural gas fell five cents to $3.37 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)