Benchmark crude for August delivery rose $1.98, or 2 percent, to finish at $103.22 per barrel on the New York Mercantile Exchange. That’s the highest closing price since May 2, 2012. Following the ouster of Egyptian president Mohammed Morsi on Wednesday, his supporters began a series of protests and attacks Friday. The military opened fire as hundreds of protesters marched on a headquarters of the Republican Guard Egypt is not an oil-producer, but its control of the Suez Canal, one of the world’s busiest shipping lanes, gives it a crucial role in maintaining global energy supplies. For now supplies are moving freely through the canal.
U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and makes it more likely the Federal Reserve will slow its bond purchases before year’s end.At the pump, the national average for a gallon of gas stayed at $3.48 for the third straight day. That’s down 14 cents from a month ago and 14 cents higher than a year ago.