NEW YORK, United States

Oil prices settled mixed yesterday as investors waited to see the outcome of the largest anti-government protest yet in Egypt.

Prices climbed over the past week amid concerns that the turmoil in Egypt could close the Suez Canal, a major route for oil tankers to Europe and North America, or spread to neighboring oil-rich countries.

More than a quarter-million people flooded Cairo’s main square Tuesday in the latest — and largest — protest during a week of unrelenting demands for President Hosni Mubarak’s resignation after nearly 30 years in power. Similar demonstrations took place in five other cities around Egypt.

Brent crude rose 73 cents to settle at US$101.74 a barrel on the ICE Futures exchange in London. Brent, which is shipped to refineries around the world, affects crude prices in most coastal markets, including the U.S. East Coast. It is used to price oil in Asia, where demand is growing fast, and in Europe, where a cold winter has increased demand for heating oil.

Analysts say Brent crude is one of the best reflections of global oil demand.

On Monday, Brent passed US$100 a barrel for the first time since October 2008 and traded as high as US$101.73. It has been trading close to US$100 since the beginning of the year.

In the US, benchmark West Texas Intermediate, or WTI, crude for March delivery fell US$1.42 to settle at US$90.77 a barrel on the New York Mercantile Exchange.

The Nymex crude price slipped after fears eased about disruptions to the Suez Canal traffic, a major route for oil tankers to Europe and North America. So far, the Suez remains open and experts said there were ways to circumvent the area.

“Any major logistical interruptions related to the political uncertainties seem to be rather unlikely at the moment,” said a report from JBC Energy in Vienna. “Even if the worst case scenario of a complete halt of traffic through the crucial link materializes, the global surplus in shipping capacity would allow a switch to the longer haul journey around southern Africa without too much of a headache.”

Oil prices could retreat even further this week if the US government reports a large build in crude stockpiles. The Department of Energy is due to release its weekly oil and fuel inventory estimates on Wednesday, and analysts widely expect an increase in inventory levels.

In other Nymex trading for March delivery, heating oil rose 1.67 cents to settle at US$2.7570 per gallon, gasoline futures climbed 1.93 cents to settle at US$2.5194 per gallon, and natural gas lost 7.3 cents to settle at US$4.347 per 1,000 cubic feet.