Oil prices stay at $104 because protests might endanger the Suez Canal

Posted on 08 July 2013 with no comments from readers

Oil prices have stayed at elevated levels of $104-a-barrel because the security situation in Egypt could quickly spiral out of control threatening the key oil route of the Suez Canal with many killed in protests across the nation. This could take a lot longer to sort out than the 48 hours the military gave to ousted President Mursi to quell unrest.

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Egypt’s new leaders are working to overcome differences that delayed the naming of a prime minister, seeking to fill a vacuum as supporters and opponents of the former regime rallied across the nation. Elliott Gotkine reports on Bloomberg Television’s ‘Countdown’…