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Unrest in Egypt unsettles the oil market
The BBC's Jon Bithrey investigates how the uprising in Egypt is pushing up the price of oil.
February 2, 2011 1:31 by shafeer
Despite reassurances from the Suez Canal Authority, Brent crude oil topped $100 a barrel on Monday for the first time since 2008 on concerns that Egypt’s protests could lead to the closure of the Suez Canal and disrupt oil supplies.
Egypt is not a major oil producer, yet its Suez Canal is a strategic oil transit route, which carries around two million barrels of oil a day.
Many fear that demonstrations could spread elsewhere in the oil-rich Middle East, including major oil producers like Libya and Algeria.