Egyptian Unrest Pumps Oil Higher

Egyptian Unrest Pumps Oil Higher


The price of crude oil traded above $102 a barrel on 3 July as Egypt teetered on the brink of civil war and traders feared tensions could spread to the broader Middle East and North Africa -- home to about a third of the world's oil production. In London, Brent crude was at $105.31 a barrel on the ICE Futures exchange.

While oil production from Egypt is very small, Cairo controls the Suez Canal and pipeline.

Some 20 armoured vehicles and personnel carriers have been deployed in the vi...


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