My Economic Points

Oil prices rise in Asian trade Wednesday, with crude oil Brent “pierce the range of 102 dollars per barrel. According to analysts, the rising price of black gold that triggered uncertainty of the situation in Egypt has been continued increase declining interest of investors.

New York’s main contract, for crude oil, light sweet March delivery rose two cents to 90.79 dollars and the position of crude oil Brent North Sea “also in March delivery rose 25 cents to 101.99 dollars per barrel.

The chaos in Egypt have pushed crude oil prices “Brent” above 102.08 dollars per barrel on Tuesday, its highest level since September 2008 after the bankruptcy of Lehman Brothers brought the financial markets into a slump.

Egypt is not the leading crude oil producer but is the location of the Suez Canal which is very important to drain 2.4 million barrels of oil per day, equivalent to Iraq’s oil production or Brazil. “Concerns about the uncertain situation in Egypt, there will be a major factor influencing current oil prices,” said Yu Yingxi, commodity analyst for Barclays Capital in Singapore.

More than one million people took part in anti-government demonstrations in Egypt on Tuesday, the protests that have entered the eighth day which aims to overthrow the Egyptian President Hosni Mubarak.

Investors are worried that similar demonstrations – which also occurred in Tunisia, Yemen and Jordan – to spread around the oil-rich region.