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Egypt Coup: What it means for crude oil?

Posted on 05 July 2013

The removal of Egyptian president Mohamed Mursi by the military has impact on several fronts. While the development has eased the tension along the Suez canal, the fuel supplies from Middle East has helped crude oil prices to cool off from its sharp gains in two days.
A prolonged political stand-off at Egypt had paralyzed the country and the businesses along the important trade route. But the Egyptian army’s intervention has softened the worries about blockage of movement of shipments from Middle Eastern region along the Suez canal or a crude oil pipeline that runs through the country. The Suez Canal carries over 2% of world’s total oil needs through it daily………………………………………..Full Article: Source


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