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- Oil dropped from a 14-month high
Oil dropped from a 14-month high
West Texas
Intermediate crude dropped from a 14-month high after an official said Egypt’s
Suez Canal is “secure” and ship traffic through the waterway is “normal,” even
as violence escalated in Cairo.
WTI fell as
much as 1.1 percent as Tarek Hassanein, a Suez Canal Authority spokesman, said
that 55 ships are scheduled to pass through the channel. Prices topped $104 a
barrel today as Egyptian security forces fought with supporters of ousted
President Mohamed Mursi, leaving at least 50 dead.
WTI crude
for August delivery declined 17 cents, or 0.2 percent, to $103.05 a barrel at
11:12 a.m. on the New York Mercantile Exchange. The volume of all futures
traded was 25 percent more than the 100-day average. Earlier it rose to
$104.12, the highest intraday level since May 3, 2012.
Brent oil
for August settlement decreased 28 cents, or 0.3 percent, to $107.44 a barrel
on the London-based ICE Futures Europe exchange. The volume for all contracts
was 1 percent below the 100-day average. The European benchmark grade traded at
a $4.39 premium to WTI, down from $4.50 on July 5.
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