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Commodities Briefing - Categorized | Oil, Price Watch more

Egypt coup ensures oil price stays above $100

Posted on 05 July 2013

The oil price stayed resolutely above the $100 a barrel mark today, holding on to most of the surge triggered by last night’s military coup in Egypt. Crude shot up to 14-month highs amid concerns among traders at the toppling of Mohamed Morsi. By lunchtime today London Brent crude was trading at $104.92 a barrel.
While Egypt itself is not a particularly big producer of oil — it is not in the Opec cartel — it is a major supply route thanks to the Suez canal and Sumed pipeline. The canal links the Red Sea and the Gulf of Suez with the Mediterranean, while Sumed provides capacity for cargoes too big to transit by ship………………………………………..Full Article: Source


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