Petroleum Africa
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Thursday, August 15, 2013
If the troubles restricting production in Iraq and Libya have not sent the price of crude high enough, the recent declaration of a state of emergency in Egypt has just added to the global crude price woes.
In the UK Brent crude oil hit a four-month high climbing as much as 0.8% to a high of $110.31 on the afternoon of August 14. Crude prices have not traded this high in the UK since early April.
While Egypt’s production isn’t really a big commodity on the global market, its Suez Canal and Sumed pipeline are major transit points for global trade in oil. The latest boost to the price of crude comes as security forces attacked camps where pro-Morsi supporters have been for weeks and bulldozed them to the ground. Unofficial reports have over 270 dead for the day.
“Egypt had gone off the radar but today has brought it very much to the forefront again,” Mark Thomas, head of energy at Marex Spectron, a brokerage in London said in a Financial Times report. “Undoubtedly it is a factor in the move above $110 a barrel.”
Although Brent crude prices were on the rise, the price of crude in the US actually fell $0.30 to $106.52 per barrel.
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