The prices of oil rose above the physiological mark of $100 a barrel on Wednesday as global stocks fell and experts expressed concerns over continuing crisis in Egypt.

Egypt has fallen back to the days that appear to be during the previous year's revolution with protestors demanding the exit of President Mohamed Morsi. The army had set an ultimatum for the president to resign and leave the top job at the country. There are serious concerns that the country might face mess and chaos.

American crude oil for August delivery rose 1.12 per cent and was trading at $100.72 a barrel, crossing the mark of $100 a barrel for the first time in about nine months. The Euro Stoxx 50 index of euro zone major firms fell 1.3 per cent, the FTSE 100 index closed 1.2 per cent while the Standard & Poor's 500-stock index was trading 0.2 per cent higher.

Experts have said that the rising stockpiles of oil in the US have stabilised the global oil prices to some extent as the discovery of shale gas is helping boost domestic production in the US and reducing reliance on foreign oil.