Fierce civil unrest in Egypt preserved the two-week highs of West Texas Intermediate crude oil futures on Friday as concerns spread about disruptions of supply lines and the violent contagion pushing across borders in the oil-rich Middle East, Bloomberg reports.
Despite minimal change to the energy commodity on Friday, prices remained high as Egyptians en masse took to the streets to continue demonstrating against President Mohamed Morsi being forced from office earlier this summer by the nation's military. Worries are spreading about the violence continuing to upgrade in the volatile region.
"The violent crackdown is likely only going to escalate the conflict, with no stabilisation of the Egyptian situation in sight," states a Friday client note authored by analysts with consultancy JBC Energy, according to The Wall Street Journal.
At 9:33 a.m. on Friday, WTI crude oil prices edged down 0.11 percent, a 12-cent slide to $107.21 per barrel. Brent crude oil prices moderately rose 0.12 percent, a 13-cent lift to $109.73 per barrel.
More than 500 people have been killed thus far this week in the Arab nation, according to The Wall Street Journal.
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