Oil rises above USD 98 as protests in Egypt continue

The price of oil briefly rose above USD 98 a barrel today on concerns about protests in Egypt and their possible effect on Middle East oil supplies.
Also, a report showing a pickup in US manufacturing offset data showing a slump in China's manufacturing sector.
By midday, US benchmark crude for August delivery was up 88 cents to USD 97.44 a barrel on the New York Mercantile Exchange. Oil rose as high as USD 98.28 in the morning.
In London, Brent crude was up 87 cents at USD 103.03 a barrel on the ICE Futures exchange.
Protests in Egypt aimed at ousting Mohammed Morsi, the country's first democratically elected president, continued today.

Officials said at least 16 people have been killed across the country in violence connected to the rallies against the Islamist leader and the Muslim Brotherhood group which propelled Morsi to power.

Traders are concerned that the protests in Egypt and the civil war in Syria could affect the production and transport of oil supplies in the Middle East and North Africa.
Reports on manufacturing in the world's two biggest economies gave opposite impressions.
US manufacturing activity grew in June behind a pickup in new orders and stronger production. The increase suggests factories could rebound in the second half of the year and help the economy grow.