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Oil price climbs after strong US jobs report



Published: Fri, July 5, 2013 @ 2:35 p.m.

NEW YORK (AP) — The price of oil marched higher today after a positive report on U.S. hiring and ongoing concerns that the crisis in Egypt might affect Mideast supplies.

In midday trading, benchmark crude for August delivery was up $1.56 to $102.80 per barrel on the New York Mercantile Exchange. On Wednesday, oil closed above at $101.24, the highest level since May 3, 2012. U.S. markets were closed Thursday for Independence Day.

After the ouster of Egyptian president Mohammed Morsi, his supporters began a series of protests and attacks today. The military opened fire as hundreds of protesters marched on a headquarters of the Republican Guard

Egypt is not an oil-producer, but its control of the Suez Canal, one of the world's busiest shipping lanes, gives it a crucial role in maintaining global energy supplies.

For now supplies are moving freely through the canal.


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