Oil hovered around $101 per barrel on Tuesday after a rally on Monday supported by port disruptions in Egypt, a weakening dollar and concerns about growing social unrest in north Africa.
"Geo-politics is at the forefront of the sentiment at the moment. And while we don't expect (oil) transit to be impacted, the news of the port disruptions brings up the what-if?," said Amrita Sen, oil analyst at Barclays.
Brent crude futures were up 6 cents at $101.09 a barrel as of 1617 GMT. U.S. crude oil futures were down 74 cents at $91.46 per barrel after falling by over $1 during the day.
For more: Oil above $101 on Egypt port disruptions, dollar - The Economic Times
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