Concerns over the impact of unrest in
Egypt
on
oil supply are driving a rally in crude-oil futures Wednesday, Chen Hoay Lee,
investment analyst at Phillip Futures, says. "The volatile situation in
Egypt
would
provide temporary supply-side support to oil prices," he says, after Nymex
crude gains more than 2.0% in
Asia
trading.
Nymex is also looking technically bullish after a break through
resistance at $100/bbl, he says. Investors will monitor developments in
Egypt
carefully as they fret about the spread of protests in the oil rich region. Energy
Information Administration stocks data due later Wednesday will also be closely
watched for fundamental cues. Nymex crude is up 2.3% at $101.94/bbl; Brent
crude is 1.1% higher at $105.18/bbl.