Oil prices dip, but concerns abound about disruption in supplies through Suez Canal and Sumed Pipeline

New York's main contract dipped to US$103, while Brent North Sea crude for August was down at US$107.1. Though prices have dipped, concerns abound in the market due to fears regarding a disruption in supplies through the Suez Canal and the Sumed Pipeline. The situation was exacerbated yesterday after 51 people, mostly supporters of ousted president Mohamed Morsi, were killed in a protest rally.
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