Oil near $100 as Egypt tensions mount

World oil prices rose in Asian trade on Monday on fears that mounting political tensions in Egypt would disrupt suppliesflowing through the Suez Canal, analysts said.

New York'smain contract, light sweet crude for March delivery, was up 37 cents to USD89.71 per barrel in morning trade.

Brent North Sea crude for March rose 18 cents at USD 99.60.

"The rising prices reflect continued tension in Egypt and the possibility that there would be(supply) constraints through the Suez Canal," said Ben Westmore, mineralsand energy economist for National Australia Bank in Melbourne.

Tom Bentz of BNP Paribas said about one million barrels ofoil per day pass through the Suez Canal.

"There is some nervousness about supplies and thatcould affect Europe more than the US," he said.