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.