US oil prices rose above $US100 a barrel for the first time in more than a year, following political unrest in Egypt and a sharp fall in domestic stockpiles.
Light, sweet crude for August delivery rose $US1.64, or 1.7 per cent, to $US101.24 a barrel on the New York Mercantile Exchange, the highest settlement since May 3, 2012. ICE North Sea Brent crude oil for August delivery settled $US1.76 higher at $US105.76 a barrel. The gap between Nymex and Brent narrowed to $US4.52 a barrel.