Oil prices highest in over a year - CBS 5 - KPHO

Oil prices highest in over a year

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Oil prices are rising, in part, due to unrest in Egypt. (Source:CNN) Oil prices are rising, in part, due to unrest in Egypt. (Source:CNN)

(CNN) – Oil prices are rising and hit $102.18 a barrel early Wednesday. It is the highest the price oil has been in over a year.

Recent protests in Egypt are partially to blame. Traders fear tensions there could spread to the broader Middle East.

Traders also say an improving economy and a rise in demand for crude may be playing a role in the increase.

Oil prices have risen about 16 percent in the last two months.

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