Oil surges 4 pct on Egypt tension

11:29, January 29, 2011      

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Oil prices surged more than four percent on Friday as market was concerned that mass protests in Egypt would threaten stability in the Middle East.

Light, sweet crude for March delivery gained 3.7 U.S. dollars to settle at 89.34 dollars a barrel on the New York Mercantile Exchange.

Source: Xinhua
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