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Oil Profits from Unrest in Egypt, WTI Crude Rises Above $100

July 3, 2013 at 1:55 by Vladimir Vyun

Crude oil rallied today amid political unrest in Egypt. People are protesting and demanding resignation of President Mohamed Mursi. President’s supporters claim that such demands are a result of a military coup.

Egypt controls the major supply route for Middle Eastern oil: the Suez Canal. The turmoil in the country threatens supply of crude. This, as a result, led to worries among traders and hoarding of the commodity.

August futures for WTI crude oil jumped as much as $1.81 (1.82 percent) to $101.41 per barrel as of 1:51 GMT on NYMEX today. Contract for Brent crude gained $0.93 (0.89 percent) to $104.93 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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