Wednesday 16 January 2019

Energy amid Egypt turmoil

Oil edges up to $100

ONGOING political uncertainty in Egypt, with unrest continuing, has caused oil prices to rebound to $99.95.

While Egypt is not a major crude producer, the country is home to the Suez Canal, which carries about 2.4 million barrels daily, roughly equal to Iraq's output.

Last week, the price of oil breached $100 a barrel for the first time in more than two years and went on to cross $103 before it dropped back to below $99.83.

Analysts said that the price of New York crude lags far behind Brent owing to large supplies of oil remaining at the main US transit point of Cushing, Oklahoma.

Promoted articles

Entertainment News