West Texas Intermediate crude oil futures were hovering on Tuesday, pushed in either direction by an emboldened U.S. dollar and a shinier optimism for prospects in the globe's largest consumer of the energy commodity, according to Bloomberg.
No significant issues arose in the Suez Canal as the energy commodity pushed through the passageway without reservation despite civil uprising in Egypt. The country's interim leader announced a timeframe for electing a permanent leader of the nation.
"As long as we don't see civil war breaking out in Egypt, I think the geopolitical risk has already been priced in," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut, told the news source on Tuesday.
At 11:56 a.m. on Tuesday, WTI crude oil futures slightly rose up 0.11 percent, an 11-cent increase to $103.25 per barrel. At 11:55 a.m., Brent crude oil futures slipped 0.07 percent, a 7-cent drop to $107.36 per barrel.
Ecuador exported 11 million barrels of the energy commodity this past May, according to The Wall Street Journal. That represents an increase of 6 percent from April.
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