Oil prices have rocketed in response to continued unrest in Egypt.
Brent crude topped $100 a barrel on Monday for the first time since 2008 – jumping more than one percent.
Many fear that that the uprising in Egypt could spread to some of the Middle East’s oil producers. Concerns have also been raised about oil shipments passing through the Suez Canal. Oil Trader Tim Jennings says the key risk in the short term is supply disruption in the Suez Canal:
“It is a choke point considered by the US in the terms of the distribution and the production and the supply of oil.”
Some two million barrels of crude oil and refined petroleum go through the Canal every day.
Fears are also growing that rising oil prices could stall a global economic recovery. OPEC however says there is no shortage in the market and no need to increase production right now.
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