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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Egypt fears keep oil above $100, Asian shares gain AFP - Wednesday, February 2 Send IM Story Print HONG KONG (AFP) - – Oil stayed at $100 a barrel on Tuesday on lingering concerns over political unrest in Egypt while Asian stock markets rebounded from the previous day's losses, helped by a rally on Wall Street. Tokyo's Nikkei ended the session up 0.36 percent, or 36.58 points, at 10,274.50 points and Seoul rose 0.11 percent, or 2.30 points, to 2,072.03. Hong Kong rose 0.15 percent, or 35.61 points, to 23,482.95 and Shanghai ended up 0.30 percent, or 8.27 points, at 2,798.96, with higher commodity prices supporting resource stocks in both markets. Sydney finished down 1.80 points at 4,752.10. Timeline: How oil prices surged from $2 to $100 per barrel in 40 years The price of Brent North Sea crude broke the $100 mark in New York on Monday to hit its highest level in more than two years as protesters demanded Egyptian President Hosni Mubarak step down. Traders pushed crude prices higher on supply fears because while Egypt is not a major producer, it is home to the Suez Canal, which carries around 2.4 million barrels of oil a day -- about the same daily output of Iraq or Brazil. Brent crude for delivery in March dipped 50 cents but was still high at $100.51 in afternoon trade, after hitting $101.73 late Monday, the highest level since October 2008 at the start of the global downturn. New York's main contract, light sweet crude for March, was down 20 cents at $91.99 per barrel. "One of the factors (in the dip) might be profit-taking since we're at 27-month highs," Ong Yi Ling, investment analyst at Phillip Futures in Singapore, told AFP, adding that the dip could be temporary as the Egyptian political crisis drags on. "For Brent, we can still see more upside.... If the tensions continue, it will continue to provide support for the oil prices," she said. On stock markets traders looked to the United States, where the Dow ended 0.58 percent higher on Monday on the back of strong earnings results from energy giant ExxonMobil. Dealers also got a boost from better-than-expected economic data on manufacturing and consumer spending, the biggest driver of US output. The Institute for Supply Management said its Chicago purchasing managers index rose for a 16th consecutive month to its highest level since July 1988. And the Commerce Department reported that consumer spending rose 0.7 percent in December, above expectations, after a 0.3 percent gain the previous month. Markets will have an eye on key manufacturing data later on Tuesday. However, despite the upbeat outlook Win Thin, the Global Head of Emerging Markets Strategy at Brown Brothers Harriman, warned there could be trouble ahead. He told Dow Jones Newswires there was "a heightened risk of negative headlines from Egypt, as moves by... Mubarak so far have done nothing to address the protesters' call for political change". The euro rose against the dollar amid speculation about potential European interest rate hikes, while the greenback fell to a one-month low against the yen, dealers said. The euro bought $1.3720 dollars in Tokyo afternoon trade, up from $1.3686 in New York late Monday. Against the Japanese currency the euro fell to 112.28 yen from 112.35 yen. The dollar traded at 81.84 yen after briefly falling to 81.75 yen, the lowest level since early January, due to speculation that rising prices of commodities such as crude oil may hamper US economic growth. The greenback was at 82.04 yen in New York late Monday. Gold closed at $1,338.50-$1,339.50 an ounce in Hong Kong, up from its close of $1,333.30-$1,334.30 on Monday. In other markets: -- Delhi fell 1.67 percent, or 305.54 points, to 18,022.22, a near five-month low and the market's fifth straight day of losses even as most Asian markets rebounded. India's leading vehicle maker Tata Motors fell 6.92 percent, or 79.45 rupees, to 1,068.8, while the largest private bank ICICI Bank fell 2.61 percent, or 26.6 rupees, to 993.4. State-run Bharat Petroleum Corp (BPCL) fell 6.28 percent, or 38.7 rupees, to 577.1, while rival Hindustan Petroleum Corp (HPCL) closed down 4.12 percent, or 14.8 rupees, at 359.5. -- Jakarta rose 0.98 percent, or 33.33 points, to 3,442.50. Coal producer Adaro jumped 6.7 percent to 2,400 rupiah, while rival Bumi Resources rose 5.5 percent to 2,875 rupiah. -- Singapore rose 0.16 points, or 5.02 points, to 3,184.74. Vehicle distributor Jardine Cycle and Carriage fell 1.41 percent to Sg$33.52. Singapore Airlines dropped 0.41 percent to Sg$14.70. -- Seoul rose 0.11 percent, or 2.30 points, to 2,072.03 on buying by individual and institutional investors. -- Manila closed 1.31 percent, or 50.98 points, lower at 3,830.49. Philippine Long Distance Telephone fell 0.3 percent to 2,452 pesos and Aboitiz Power was off 0.5 percent at 27.60. But Ayala Land closed 0.3 percent up at 14.74. -- Wellington was 0.29 percent, or 9.72 points, up at 3,348.46, helped by a weak New Zealand dollar attracting overseas investors. Fletcher Building closed up 0.7 percent at NZ$7.78, Air New Zealand was down 1.4 percent at NZ$1.38 and NZ Oil & Gas rose 2.4 percent to 87 cents. -- Taipei and Kuala Lumpur were closed for public holidays. -- Bangkok fell 0.46 percent, or 4.41 points, to 959.69. Coal miner Banpu fell 2.00 baht, or 0.3 percent, to 728.00, but energy firm PTT Plc gained 3.00 baht, or 0.9 points, to 338.00. 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