Oil rises, underpinned by Egypt concerns, U.S. data


Jeanine Prezioso
Reuters
July 5, 2013

Brent crude oil prices were trading above $107 per barrel for the first time in three months on Friday, underpinned by political unrest in Egypt that continued to fuel concerns of oil supply disruptions in the Middle East.

U.S. crude oil prices maintained a 14-month high, supported by data showing U.S. employers added more jobs than expected in June, as other commodity prices sank.

The news pushed the U.S. dollar to a near three-year high against a basket of currencies, .DXY which can lead to lower oil prices. Commodities priced in dollars become more expensive for holders of other currencies as the dollar strengthens.

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