Oil closes in on $100 a barrel

City A.M. Reporter
OIL jumped to a nine-month high a fraction shy of $100 a barrel yesterday as turmoil in the Middle East unsettled investors, while signs of tightening supply in the US Midwest also raised fears.

US crude prices rose based on protests in Egypt as well as disruption in Libya, with prices for August delivery hitting $99.87 a barrel, although they were exacerbated by the weak US dollar.

Strong manufacturing data from the US also upped the price.