Crude futures rise on Egyptian violence fears

15 August 2013 11:50  [Source: ICIS news]

Smoke rises at Rabaa al-Adawya square following clashes between Egyptians supporting ousted president Morsi and riot police (Image provided my Rex Features)LONDON (ICIS)--Crude futures have risen due to fears that Egyptian violence could spill over to other regions of north Africa and the Middle East.

By 09:15 GMT on Thursday, the front-month September ICE Brent contract touched an intra-day high of $111.53/bbl, a gain of $1.33/bbl compared to the previous settlement.

The contract then edged lower to trade at around $111.50/bbl.

At the same time, the front-month September NYMEX WTI contract was trading at around $107.75/bbl, having touched an intra-day high earlier of $107.80/bbl, a gain of 95 cents/bbl compared to the previous settlement. 

Concerns are growing that the violent eruptions between Islamists and the Egyptian government could spill over into other north African nations and the strategic Suez canal.

Some north African nations, such as Libya, have already slashed crude oil production dramatically in recent weeks as strikes have led to closures from oil fields upstream down to export terminals.

By: Kawai Wong
+44 20 8652 3214

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