Oil Hits 15-month High
Oil prices hit a 15-month point on Thursday on indications that demand for the black gold was growing in the U.S, coupled with the ongoing tumult in Egypt, spurring fears about possible interruptions in oil supply. During morning trading in New York oil for August delivery reached $107.45 a barrel. Brent North Sea crude for August spiked to $108.93. Crude futures had previously recorded multi-month highs on Wednesday following the US Energy Information Administration’s (EIA) weekly crude stocks statistics showed a major spike in energy demand. Investors remain profoundly worried over possible disturbances in Middle East oil supply after the coup last week of Egypt’s Islamist president Mohamed Morsi by the military. Egypt is not a huge crude oil exporter but is home to key oil passage points of the Suez Canal and the Sumed Pipeline. The rise in oil is driven by three variables; hopefulness over better economic circumstances in the United States, worries of intensification of Egyptian unrest, and lower US inventory. What is more, commodities are following stock markets today, ascending for the eighth day in a row and approaching their best run since 2010 following Bernanke's surprising statement that the US economy will need highly inclusive and soft monetary policy for the near future, increasing expectations that the end of the era of easy money has not yet arrived.
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