oil prices fall after recent spikes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil prices fall after recent spikes

Arab Today, arab today

Arab Today, arab today Oil prices fall after recent spikes

London - AFP

Oil prices fell on Thursday after spiking in recent days on concern about Middle East supplies after Egypt's army overthrew and detained president Mohamed Morsi. Investors are closely watching whether the latest unrest would escalate and affect stability in the oil-rich and politically volatile Middle East region which neighbour north African nation Egypt. Brent North Sea crude for delivery in August dropped 69 cents to stand at $105.07 a barrel approaching midday in London. New York's main contract, West Texas Intermediate (WTI) light sweet crude for August, fell 48 cents to $100.76 a barrel. On Wednesday, the contract had hit a 14-month high point at $102.18. "The gains from previous days have scaled down as the crude market seems to have priced in the transfer of power from the civil to transitional government in Egypt," David Lennox, resource analyst at Fat Prophets told AFP. "What the market will be closely watching out for now is the reaction from those previously in government, and whether that would escalate the situation," said the Sydney-based analyst. The Egyptian army on Wednesday toppled Islamist president Morsi after a week of unrest that killed nearly 50 people as millions took to the streets to demand an end to his turbulent year of rule. In a televised address, army chief Abdel Fattah al-Sisi -- who was the defence minister in Morsi's government -- said the country's Islamist-drafted constitution had been suspended, while top judicial official Adly Mansour was interim president. Sisi also announced early presidential elections, but did not specify when they would be held. While not a major crude exporter, Egypt is home to key oil choke points such as the Suez Canal and the Sumed Pipeline. Analyst Lennox added that prices were not likely to rise significantly from current levels unless the political unrest spreads to other countries in the region "The real risk as far as the market is concerned right now is if we see militaries intervening in other Middle Eastern countries as well," he said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices fall after recent spikes oil prices fall after recent spikes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices fall after recent spikes oil prices fall after recent spikes

 



GMT 09:27 2017 Tuesday ,10 October

Macron takes EU reform push to Germany book fair

GMT 12:50 2017 Sunday ,03 December

Shiffrin bags first downhill win

GMT 10:33 2016 Friday ,08 April

Carter v Nonu as Racing eye Toulon's scalp

GMT 10:57 2017 Wednesday ,09 August

Iran's Rouhani names female VPs

GMT 11:21 2017 Monday ,20 February

Tunisian court tries suspects over violence charges

GMT 20:52 2017 Thursday ,30 November

Honeywell to maintain A380, B777 components for Emirates

GMT 02:36 2017 Thursday ,23 November

Casablanca’s president hails achievement

GMT 19:18 2017 Wednesday ,18 October

Investment sector attend Saudi Investment Initiative

GMT 07:08 2016 Tuesday ,28 June

Hodgson pays price for sorry England
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday