Oil prices rose above $87 on Tuesday amid uninterrupted oil supplies through the Suez Canal and the possibility of an increase in US crude inventories.
US crude for March rose 13¢ to stand at $87.61 a barrel at 07.52 GMT, while ICE Brent increased by 41¢ to $99.66 a barrel, reports Reuters.
While transportation of oil through the Suez Canal remains unaffected by the crisis in Egypt, fears that the unrest might spread across the Middle East remain.
Kuwait’s Supreme Petroleum Council member Imad Al Atiqi said that global oil prices will exceed $110 a barrel if political unrest in Egypt continues.
Crude stocks were expected to be made stronger by another increase in oil stored at the Cushing delivery hub in Oklahoma, US.