By Myra P. Saefong
CLQ3

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SAN FRANCISCO (MarketWatch) — Oil futures closed above the key $100-a-barrel on Wednesday for the first time since May 2012, buoyed by the turmoil in Egypt and a bigger-than-expected drop in the past week’s U.S. crude-oil supplies. August crude CLQ3 +2.36% rose $1.64, or 1.7%, to settle at $101.24 a barrel on the New York Mercantile Exchange. Prices put on their own “fireworks show a day ahead of the July 4th holiday,” said Alan Herbst, a principal at Utilis Advisory Group. “Traders are concerned that political instability in Egypt could potentially disrupt the flow of … oil to European and world markets.”

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Oil futures settle above $101 a barrel