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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/oil-price-tops-100-dollars-a-barrel.jpg"><img class="alignnone size-full" title="Brent crude oil prices broke the 100 US dollar a barrel mark for the first time in more than two years" src="http://londonglossy.com/wp-content/uploads/2011/01/min-oil-price-tops-100-dollars-a-barrel.jpg" alt="Brent crude oil prices broke the 100 US dollar a barrel mark for the first time in more than two years"/></a></p>
<p>Brent crude oil prices broke the 100 US dollar (£62.3) a barrel mark for the first time in more than two years following fears that the civil unrest in Egypt would block the Suez Canal.</p>
<p>The price of crude on the futures market rose 63 cents on Monday as prices hit 100.05 US dollars &#8211; the highest future price for Brent crude since October 2008.</p>
<p>Oil prices have already risen by more than 15% in 2010 and experts warned that prices of 110 US dollars (£68.5) are not far away as the weak US dollar and high demand continue to push up prices.</p>
<p>Analysts said gas prices will follow oil upwards, with this summer&#8217;s day-ahead prices set to be 10% higher than at the same time last year.</p>
<p>Emma Pinnock, an analyst at Inenco, said: &#8220;The situation in Egypt has caused the market to worry about the flow of oil in the Middle East.</p>
<p>&#8220;Oil prices rose by more than 15% during 2010 and 110 US dollars a barrel is looking more likely as we can see similar market conditions to when oil prices reached a record high in 2008.&#8221;</p>
<p>She added that decisions made by Organisation of Petroleum Exporting Countries (OPEC) in the next few months about how much oil to produce will also have a huge impact on prices.</p>
<p>The price of gas is closely linked to the price of oil and could be expected to follow crude upwards in price, she added.</p>
<p>David Hunter, an analyst at M&#038;C Energy Group, one of the largest purchasers of energy in the UK, said: &#8220;The Brent crude oil price has been inching towards the 100 dollars a barrel level for weeks now.</p>
<p>&#8220;All traders needed was a specific reason, and the spreading of North African political unrest towards the Middle East has been the catalyst.&#8221;</p>
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