Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Oil supply worries ease in Egypt

05 July 2013, 09:48 AFP

London - Oil prices fell on Thursday following recent rallies over Middle East supply worries after Egypt's army overthrew and detained President Mohamed Morsi.

Investors were closely watching to see whether the unrest would escalate and affect stability in the oil-rich and politically volatile Middle East region which neighbours Egypt.

Analysts said oil prices were weighed down also by a stronger dollar, which on Thursday rallied against the euro and British pound after the European Central Bank and Bank of England indicated that their main interest rates would likely remain at record-low levels for some time.

Brent North Sea crude for delivery in August dropped 42c to $105.34 a barrel in late London deals.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for August, fell 14c to $101.10 a barrel.  The contract on Wednesday hit a 14-month high point at $102.18.

"The risks of prolonged unrest in Egypt have diminished slightly after the ousting of President Morsi," said Fawad Razaqzada, analyst at traders GFT Markets.

"Crude oil has therefore eased off slightly following strong gains in recent days. However, risks of further unrest remain elevated, so prices are unlikely to fall back as quickly as they rose."

The Egyptian army on Wednesday toppled 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.


Tags oil

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
S Mbinya
Natural aphrodisiacs to boost lib...

It is advisable to take them before sex in order to achieve maximum benefit. Read more...

Submitted by
Jayne Zack
Raila has lost his remaining bull...

He added that Jubilee and Cord are like day and night. Read more...

Submitted by
Ben Wangui
Mudavadi of no value to CORD, say...

Leader of Majority in National Assembly, Adan Duale has said that ANC leader Musalia Mudavadi is of no value to CORD. Read more...

Submitted by
George Vodongo
Peter Kenneth will not run for Pr...

He clarified that he will not run for Presidency in 2017 as he supports Uhuru Kenyatta’s re-election bid. Read more...

Submitted by
Ben Wangui
Exams should not have political g...

He also said that school properties must not ‘carry any political portraits’. Read more...

Submitted by
S Mbinya
Matatu crew drugs female passenge...

Hours after the story was circulated on social media Sunday, the crew was traced at Dagoretti and arrested. Read more...