Market awaits developments in Egypt: oil prices mixed

05-Jul-13

Oil prices were mixed in Asia as investors await fresh developments in Egypt. After the army overthrew and detained president Mohamed Morsi, the country is being watched to see if this unrest will escalate and affect stability in the oil-rich and politically volatile Middle East region. Though not a major crude exporter, Egypt is home to key oil choke points such as the Suez Canal and the Sumed Pipeline. New York's main contract, West Texas Intermediate ( WTI) light sweet crude for delivery in August, inched up to US$101.2, while Brent North Sea crude for August slipped to US$105.5.