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Monday 20 August 2018

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.

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