Preoccupations about anti-government demonstrations pushing beyond Egypt prompted West Texas Intermediate crude oil futures to climb on Monday, ceasing a string of losses from the end of the second quarter, according to Bloomberg.
On the first trading session of the third quarter of 2013, the energy commodity rose as much as 1 percent. At minimum eight people were killed near Muslim Brotherhood headquarters in Cairo, to which President Mohamed Mursi belongs.
"Today's rise came as a bit of a geopolitical lift," commodity strategy head Ole Hansen with Saxo Bank A/S in Copenhagen told the news source on Monday, also noting that prices are poised to continue climbing should protests push past Egypt's borders. "The main drivers now are geopolitics and the expected build-up in demand in the third quarter."
At 10:17 a.m. on Monday, WTI crude oil futures rose 1.38 percent, a $1.33 lift to $97.89 per barrel. Brent crude oil futures increased 1.16 percent, a $1.18 climb to $103.34 per barrel.
Reuters reports the upward drive of the energy commodity was tempered by weaker than anticipated factor data released by China, the globe's second-largest consumer of the energy commodity, which trails only the U.S.
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