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Oil Rises as Supply and Egypt Drive Price Upwards

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West Texas Intermediate crude rose for a sixth day as clashes in Egypt raised concern that Middle East supply will be cut and as some energy companies evacuated non-essential personnel in the Gulf of Mexico ahead of a storm.
Prices extended the longest winning streak since April as thousands of people poured into the streets in Egypt to protest the killing of supporters of ousted President Mohamed Mursi. The storm system off the Yucatan Peninsula has a 50 percent chance of becoming a tropical cyclone in the next two days, according to the National Hurricane Center in Miami.


BCO/USD Daily Forex Graph for August 16, 2013

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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