Oil price rises to $103.22 per barrel

Associated Press


The price of oil marched higher Friday with a positive report on U.S. hiring and ongoing concerns about the crisis in Egypt.

Benchmark crude for August delivery rose $1.98, or 2 percent, to finish at $103.22 per barrel on the New York Mercantile Exchange. That’s the highest closing price since May 2, 2012.

After the ouster of Egyptian president Mohammed Morsi on Wednesday, his supporters began protests Friday. Egypt is not an oil-producer, but it controls the Suez Canal, one of the world’s busiest shipping lanes.

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