* U.S., France, Turkey call for speedy transition in Egypt
* Market worries over regime change in Mideast, North Africa
* Technicals-US crude set for $94 this week []
* Coming Up: U.S. EIA weekly inventory report at 1530 GMT
(Updates throughout, adding detail, comment, graphics)
By Christopher Johnson
LONDON, Feb 2 (Reuters) - Oil rose on Wednesday with North
Sea Brent crude futures near a 28-month high on concerns unrest
in Egypt would trigger regime change across the Middle East and
North Africa, source of more than a third of the world's oil.
Egyptian President Hosni Mubarak has said he will surrender
power in September, angering protesters who want an immediate
end to his 30-year rule. []
U.S. President Barack Obama, French President Nicolas
Sarkozy and Turkish Prime Minister Tayyip Erdogan have all
called for a rapid transition in Egypt. []
[]
ICE Brent for March <LCOc1> rose 5 cents to $101.79 a barrel
by 1100 GMT, after touching $102.08 on Tuesday, the highest
price for a front-month contract since September 2008. U.S.
crude <CLc1> gained 30 cents to $91.07.
"We suspect that the yet unresolved political standoff in
Egypt will likely keep oil prices fairly well bid, at least for
the balance of the week," said Edward Meir, senior commodities
analyst at brokers MF Global.
Credit Suisse analysts agreed, saying price risks would
remain "skewed to the upside" as long as geopolitical tensions
in Egypt remained unresolved: "We expect oil prices to ease once
tensions fade due to ample global inventories."
Mubarak's departure would reconfigure the Middle East, with
implications from Israel to oil giant Saudi Arabia.
King Abdullah of Jordan replaced his prime minister on
Tuesday after protests. []
Yemeni President Ali Abdullah Saleh said on Wednesday he
would not seek to extend his presidency in a move that would
bring an end to three decades of rule when his term expires in
2013. Saleh also vowed not to pass on power to his son.
[]
Sudan has also seen unrest, after Tunisia's president was
overthrown by demonstrations last month.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
For package of graphics on unrest in the Middle East and
North Africa, including a map of the Suez Canal, click:
http://r.reuters.com/nym77r
Reuters Breakingviews column: []
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
OPEC
Although the unrest in Egypt has so far had no effect on
transit through the Suez Canal or the Suez-Mediterranean (SUMED)
oil pipeline, shipping sources said there were major disruptions
in Egypt's Alexandria and Damietta ports due to staff shortages
and an absence of customs officials. []
Egypt controls the canal and the pipeline, which together
moved over 2 million barrels per day (bpd) of crude and oil
products in 2009.
At the back of many investors' minds is an unspoken worry
that unrest in North Africa could fuel similar protests in
bigger oil producers such as Libya or even Saudi Arabia,
stirring fears of a temporary disruption to oil supplies.
The International Energy Agency said the oil market did not
face any emergency, but called on OPEC to remain "flexible" in
the event unrest affects supply. []
The Organization of the Petroleum Exporting Countries has
refrained from boosting production and sees no supply shortage.
OPEC member Libya's top oil official told Reuters the group
did not need to meet to discuss oil policy in February because
the market is well supplied and $100-per-barrel prices were
justified. []
U.S. crude oil stocks rose a greater-than-expected 3.8
million barrels last week, the API said on Tuesday, while
inventories at Cushing, Oklahoma, climbed 667,000 barrels.
[]
Brent's premium to U.S. crude futures jumped to about $11 a
barrel from $8.50 after the American Petroleum Institute on
Tuesday reported an increase in crude stockpiles at the Cushing
delivery point for the U.S. futures benchmark.
Gasoline stocks also rose more than expected, by 3.9 million
barrels, while distillate stocks, which include heating oil and
diesel fuel, fell 1.1 million barrels, the API said.
Government data on inventories and demand from the Energy
Information Administration follow on Wednesday at 1530 GMT.
Ahead of the API report, a Reuters survey of analysts
forecast crude stocks to be up 2.7 million barrels, with
distillate stocks slipping 700,000 barrels and gasoline
inventories rising 1.9 million barrels. []
(Additional reporting by Alejandro Barbajosa in Singapore;
editing by Alison Birrane)
