Oil near $100 on Egypt protests, US demand outlook

Oil rises near $100 a barrel as Egypt protests continue, traders eye increase in US demand

Associated Press

NEW YORK (AP) -- Oil is above $100 a barrel for the first time since September, as traders worried about disruptions to Mideast supplies after embattled Egyptian President Mohammed Morsi vowed not to resign.

Benchmark oil was up $1.71 to $101.32 at 9:40 p.m. in electronic trading on the New York Mercantile exchange.

Oil last crossed $100 a barrel on Sept. 14.

Morsi demanded late Tuesday that the military withdraw its ultimatum that he meet the demands of protesters or see the constitution suspended and a new leadership installed.

Expectations of a sharp drop in U.S. supplies are also driving the gains. The Energy Department's weekly report on U.S. stockpiles of crude oil is due out Wednesday.

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