Oil prices rise in backdrop of Egypt violence

Oil prices rose in Asian trade on Monday, accompanied by panic that the unrest in Egypt could spread across the Middle East and block off supplies.

As per reports, 36 Islamist prisoners were killed on Sunday during an attempted jailbreak in Egypt, raising the death toll to around 800 in five days as authorities continued the crackdown on supporters of ousted president Mohamed Morsi.

The bloodshed in Egypt has drawn widespread global criticism, with senior European Union diplomats holding emergency talks on Monday to talk about the situation and future action.


Though, Egypt is not a major oil producer but there are fears that the turbulence could hit crude shipments through the Suez Canal and Sumed Pipeline, which provide a link between Europe and oil producers in the Gulf. The canal carries about 2.5 million barrels daily, which amounts to 2.7 per cent of global supply.

Article Categories:

Don't Miss! random posts ..