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Saturday, August 17, 2013

Here it comes... First signs oil prices about to spike over Egyptian civil war

Extreme violence now spreading from Cairo to Suez 

From Eric Dondero: 

Americans may soon feel the pain. DailyNewsEgypt is now reporting, "Oil prices rise on violence in Egypt":
Oil prices jumped Thursday as spiralling violence in Egypt raised concerns that petroleum supplies could be threatened. US benchmark West Texas Intermediate for September delivery rose 48 cents to $107.33 a barrel on the New York Mercantile Exchange. European benchmark Brent crude for delivery in September increased 91 cents to $111.11 a barrel. 
Thursday’s rise in oil prices came as escalating violence in Egypt was roundly condemned by the US and other countries.
And this:
Traders are worried that the unrest could hit crude shipments through the Suez Canal and Sumed Pipeline, which provide a link between Europe and oil producers in the Gulf. Although Egypt is not a major oil producer, the Suez canal carries about 2.5m barrels daily, about 2.7% of global supply.
The video above, released yesterday, shows some frightening scenes coming out of the city of Suez. AllAfrica.com reports, "Egypt: Suez Violence Leave Six Dead, One Injured":
Six people were killed and around 50 were injured in clashes that flared on Friday evening between Muslim Brotherhood supporters and army forces in Suez's Arba'een Square. 
The Third Field Army Forces managed to break up gatherings for supporters of the Brotherhood and former President Mohamed Mursi after the two parties exchanged fire.

1 comment:

mitsukurina said...

Really? The Brent Blend Index over the last few years doesn't tell your excitable story. Facts are such *hard* things aren't they? Wasn't it John Adams who once said that?

http://www.indexmundi.com/commodities/?commodity=crude-oil-brent&months=120