Oil Ends Up For Sixth Straight Session, Egypt Supports
NEW YORK, Aug 16 (Reuters) - Oil futures on both sides of the Atlantic ended higher for the sixth straight session on Friday, with Brent oil posting the biggest weekly percentage gain in six weeks as turmoil in Egypt and Libya stoked worries about oil supply security.
Brent crude oil staged a late-session comeback after trading lower earlier in the afternoon in New York. Trading was very choppy as traders sold contracts ahead of the weekend to book profits, brokers said.
Brent crude oil futures for October delivery finished the day 80 cents higher at $110.40 a barrel. Brent gained 2 percent on the week, its largest weekly percentage gain since the week to July 5, according to Reuters data.
On Thursday, the September contract expired 91 cents higher at $111.11 per barrel.
Civil unrest in Egypt and Libya supported prices, analysts said. Although Egypt is not a major oil producer, investors are wary that the unrest there could spread through the Middle East, which pumps more than a third of the world's oil.
The Suez Canal and Egyptian ports were operating normally, shipping sources told Reuters on Thursday but concerns remained over whether the Suez, a major oil conduit, would be affected by the Egyptian unrest.
Thousands of supporters of ousted President Mohamed Mursi took to Egyptian streets on Friday, urging a "Day of Rage" to denounce this week's assault by security forces on Muslim Brotherhood protesters that killed hundreds.
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