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<span style="font-weight: bold">News Source: OTGNR - </span>
<span style="font-weight: bold"> Confirmed : Instability in # Egypt ...rrison (RJR)...</span>
Economist Dennis Morrison says the prolonged instability in Egypt is bad news for Jamaica and other oil importing countries.Egyptians demonstrate in CairoDespite reassurances from the Suez Canal Authority, the price of Brent crude oil has topped $100 a barrel for the first time in two years on concerns that the canal might close, disrupting supplies.Five percent of global oil trade flows through the area daily.Mr. Morrison said the oil market should brace for the negative effects if the unrest in Egypt drags on.In the meantime, international observers say the price of oil could skyrocket to $120 a barrel in coming days.At the close of trading in London on Tuesday, Brent crude was trading above $101 a barrel.Jean Paul Pigat of Business Monitor International told the BBC that in a worst case scenario where Egyptian authorities are forced to close down the Suez Canal, this will add considerable upside pressure to oil prices.He agreed with the forecast for the price of oil to climb to US$120 dollars.http://www.facebook.com/photo.php?fb...75298832513346
<span style="font-weight: bold"> Confirmed : Instability in # Egypt ...rrison (RJR)...</span>
Economist Dennis Morrison says the prolonged instability in Egypt is bad news for Jamaica and other oil importing countries.Egyptians demonstrate in CairoDespite reassurances from the Suez Canal Authority, the price of Brent crude oil has topped $100 a barrel for the first time in two years on concerns that the canal might close, disrupting supplies.Five percent of global oil trade flows through the area daily.Mr. Morrison said the oil market should brace for the negative effects if the unrest in Egypt drags on.In the meantime, international observers say the price of oil could skyrocket to $120 a barrel in coming days.At the close of trading in London on Tuesday, Brent crude was trading above $101 a barrel.Jean Paul Pigat of Business Monitor International told the BBC that in a worst case scenario where Egyptian authorities are forced to close down the Suez Canal, this will add considerable upside pressure to oil prices.He agreed with the forecast for the price of oil to climb to US$120 dollars.http://www.facebook.com/photo.php?fb...75298832513346