Oil Remains Over $100 After Egypt Coup

Oil prices dipped back slightly on Thursday after Egypt’s army ousted President Mohammed Morsi, having risen 3%-5% over the previous two days.

US light sweet crude fell two cents to below $101 a barrel, and Brent crude dropped 36 cents to $105.40.

But the gap between the US and European oil benchmarks continued to narrow.

The price of US crude had hit a 14-month high on Wednesday on concerns over political turmoil in Egypt, as well as rising US oil demand.

via BBC

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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