Egypt unrest may push oil above $110: Kuwait official
KUWAIT (Reuters) – Global oil prices could exceed $110 a barrel if political unrest in Egypt continues, a member of Kuwait's Supreme Petroleum Council said on Sunday.
Oil prices have spiked due to tension in Egypt. Brent crude hit $100 per barrel for the first time since 2008 on fears instability could spread through the Middle East, which together with North Africa pumps over a third of the world's oil.
"I expect oil prices to reach $110 during the first half of 2011, however, it could go above that level if Egypt's current crisis continues," Imad al-Atiqi, a member of the OPEC member's highest oil policy body, told Reuters in a telephone interview.
"A huge amount of oil passes through the Suez Canal and the country's stability is essential for the Middle East's stability, particularly Israel," he said.
http://news.yahoo.com/s/nm/20110206/bs_nm/us_kuwait_oil