Oil prices touched US$102.4 on the Nymex, a 2013 high at the end of the previous week, driven by concerns of the political unstability and fears of a military coup in Egypt. The Egyptian army seized control of the government Wednesday amid violent protests, deposing the country's first democratically elected president, Mohamed Morsy of the Muslim Brotherhood. Brent crude inched up to US$106.3 a barrel. On Friday, the African Union announced that it was suspending Egypt. Though Egypt produces a negligible amount of oil, but is home to the Suez Canal- a major thoroughfare for oil shipping that links the Mediterranean Sea with the Red Sea and the Persian Gulf.
08-Jul-13 
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