Sat, 06 Jul, 2013 12:00:03 AM FTimes News Desk, July 06
Oil prices were skyrocketing on Friday due to volatile political situation in Egypt, news agency STT reported quoting Reuters and AFP.
North Sea Brent rose in the afternoon in London to more than 106 dollars per barrel.
Analysts said the price increased for the volatile situation in Egypt after the coup. The army overthrew President Mohamed Morsy the other day.
Oil prices started to rise on Friday afternoon even when it was rumored that the Sinai and Suez in the state of emergency. Later, the Egyptian army denied the knowledge.
Oil is more expensive for the week. While Egypt is not a major exporter of crude oil, the country passes through a lot of oil. There is one important route to the Suez Canal.
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