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Commodities Briefing - Categorized | Oil, Price Watch more

Egypt unrest pushes oil prices near $100

Posted on 03 July 2013

Oil prices neared $100 a barrel Tuesday, as traders feared tensions in Egypt could spread to the broader Middle East. U.S. oil prices hovered around $99.50 a barrel Tuesday afternoon, the highest they’ve been in over a year.
While oil production from Egypt is negligible, the country controls the Suez Canal and pipeline, which move about 4 million barrels of oil per day. Plus, the country is one of the largest and most powerful in the Middle East and North Africa — home to about a third of the world’s oil production……………………………….Full Article: Source


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