Friday, January 28, 2011

Egypt Update

by Bill McBride on 1/28/2011 02:07:00 PM

Update: Al Jazeera English (ht km4)

The Telegraph is providing updates on events in Egypt.

Oil prices have surged.

From the Financial Times: Oil price spikes towards $100 and from Dow Jones: Egypt Unrest Sends Oil Prices Surging

Light, sweet crude for March delivery rose $3.61, or 4.2%, at $89.25 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange gained $1.63, or $1.7%, at $99.02 a barrel. It earlier touched a 16-month high of $99.63 a barrel.
I usually track the West Texas Intermediate price (just under $90). The divergence between the two, according to the Financial Times, is due to rising inventories at a key hub in Oklahoma.

Comments from Secretary of State Clinton: Egypt must respect citizen rights, reform
"We are deeply concerned about the use of violence by Egyptian police and security forces against protesters, and we call on the Egyptian government to do everything in its power to restrain the security forces," Clinton told reporters at the State Department. "At the same time, protesters should also refrain from violence and express themselves peacefully."

"We urge the Egyptian authorities to allow peaceful protests and to reverse the unprecedented steps it has taken to cut off communication," she said. "These protests underscore that there are deep grievances within Egyptian society, and the Egyptian government needs to understand that violence will not make these grievances go away."

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