Oil rises on expectations of Egypt regime change

Oil prices rose today on expectations that Egypt's president will step down, easing worries that oil shipments from the Middle East could be disrupted by ongoing protests.

Benchmark West Texas Intermediate crude rose 29 cents to $87 per barrel in midday trading on the New York Mercantile Exchange. Prices climbed as high as $88.28 earlier in the session. In London, Brent crude fell 63 cents to $101.69 a barrel on the ICE Futures exchange.

Egypt's military announced on national television that it stepped in to "safeguard the country" and assured protesters that President Hosni Mubarak will meet their demands. The chief demand is that Mubarek leave office. In Washington, the CIA chief said there was a "strong likelihood" Mubarak will step down today.