Egypt Unrest Pushes Oil Price To 14-month High

July 4, 2013

The price of US light crude oil hit a 14-month high on Wednesday to over $100 a barrel on concerns over political turmoil in Egypt, the BBC has reported.

The benchmark US crude rose $1.64 to $101.2 a barrel, its highest since May 2012, while Brent crude rose 1.76% to $105.76 a barrel.

As well Middle East worries, rising US demand for oil also boosted prices.

The US Energy Department said that weekly US crude supplies fell by 10.3 million barrels.

That was the biggest fall in 13 years and was more than three times the drop that had been expected.

It was partly due to a temporary reduction in supplies from Canada as well as increased demand from a refinery in Indiana that had just restarted work.

Traders also worried that the volatile political situation in Egypt could interrupt oil flows through the Suez Canal and the wider Middle East, which account for around 25% of the world's oil output.

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