Oil futures had their biggest one day increase since September 30th 2009 as the riots in Egypt raised concern that protests would spread to the rest of the Middle East and disrupt the supply of oil particularly through the Suez Canal. Opec tried to calm nerves with suggestions that it could increase output to offset any supply issues through the Canal.
After falling to a 2 month low earlier in the week, March delivery crude futures were up to $89 (a rise of $3.85 or 4.8%).
Hosni Mubarek is refusing to resign as President of Egypt but he has dismissed his cabinet in an attempt to move public opinion in his favour.
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