{"id":39690,"date":"2013-07-03T09:37:38","date_gmt":"2013-07-03T13:37:38","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=39690"},"modified":"2013-07-03T09:37:38","modified_gmt":"2013-07-03T13:37:38","slug":"wti-crude-climbs-above-100-on-egypts-political-turmoil","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/07\/03\/wti-crude-climbs-above-100-on-egypts-political-turmoil\/","title":{"rendered":"WTI crude climbs above $100 on Egypt\u2019s political turmoil"},"content":{"rendered":"<p><strong>By <u><a href=\"http:\/\/blog.hymarkets.com\/\" target=\"_blank\">HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n<p>The West Texas Intermediate crude futures climbed above $100 a barrel during the late Asian trading session, the highest since September on concerns over the tension in Egypt\u2019s political turmoil.<\/p>\n<p>WTI crude futures jumped 2.27% to $101.80 a barrel as of 4:43am GMT, while Brent crude rose 1% to $105.20 a barrel at the same time.<span id=\"more-2064\"><\/span><\/p>\n<p>Egypt\u2019s President Mohammed Morsi rejected the use of the army forces to resolve the country\u2019s political turmoil. The ongoing protest have raised concerns that the crises may affect the oil transported through the country , as the U.S crude futures dropped by 9.4 million barrels last week , according to reports from the American Petroleum Institute.<\/p>\n<p>\u201cGiven that Mursi is rejecting the army\u2019s demand to step down, this is going to, in my opinion, throw the country into a crisis with no clear resolution,\u201d said\u00a0Andy Lipow, the president of Lipow Oil Associates LLC in Houston. \u201cThe market reaction will be bullish due to the uncertainty of the event and of what may ultimately happen,\u201d he added.<\/p>\n<p>Egypt controls the Suez\u2019s canal and the Suez-Mediterranean pipeline, which is important for the transportation of crude oil and petroleum products. According to the US Energy Information Administration (EIA), 2.24 million barrels of oil a day was shipped through Suez\u2019s canal to Europe and North America in 2011. Signifying, approximately 3.2% of daily transportation of crude oil.<\/p>\n<p>The post <a href=\"http:\/\/blog.hymarkets.com\/world-market-news\/wti-crude-climbs-above-100-on-egypts-political-turmoil.html\">WTI crude climbs above $100 on Egypt\u2019s political turmoil<\/a> appeared first on <a href=\"http:\/\/blog.hymarkets.com\">| HY Markets Official blog<\/a>.<\/p>\n<p> Article provided by <strong><u><a href=\"http:\/\/blog.hymarkets.com\/\" target=\"_blank\">HY Markets Forex Blog<\/a><\/u><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By HY Markets Forex Blog The West Texas Intermediate crude futures climbed above $100 a barrel during the late Asian trading session, the highest since September on concerns over the tension in Egypt\u2019s political turmoil. WTI crude futures jumped 2.27% to $101.80 a barrel as of 4:43am GMT, while Brent crude rose 1% to $105.20 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/forex-news\/2013\/07\/03\/wti-crude-climbs-above-100-on-egypts-political-turmoil\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;WTI crude climbs above $100 on Egypt\u2019s political turmoil&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-39690","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/39690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=39690"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/39690\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=39690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=39690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=39690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}