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Brent Climbs On Egyptian Uncertainty

ByBenzinga
AuthorBenzinga
Published 07/09/2013, 12:37 AM
Updated 05/14/2017, 06:45 AM
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Brent crude oil continued its upward climb on Monday morning after geopolitical tension boosted prices and better than expected economic data from the US. The commodity traded at $107.89 at 5:51 GMT on Monday morning.

CNBC reported that a highly anticipated US jobs data report showed on Friday that US employers created 195,000 new jobs. The figure came in well above original estimates, which only forecast 165,000 jobs. The data helped raise Brent prices as signs of a strengthening US economy are likely to increase the number one oil consuming nation's demand for crude. However, the data also added fuel to speculation that the US Federal Reserve could begin to roll in its stimulus spending as early as September.

Tension in Egypt has been a major driver of Brent prices recently, as the nation's conflict has threatened to spread and interrupt oil shipments, which pass through the Suez Canal. So far, the canal has been operating normally despite explosions of fighting last week which ended with more than 30 people dead.

On Sunday, a peaceful rally of supporters and opponents of overthrown President Mohamed Morsi gave many hope that the worst of the nation's conflict was over. However the Egyptian military has been plagued with infighting as it tried to help resolve the crisis. Now, the nation is tasked with finding an interim prime minister, something that isn't expected to be easy since political tension is running high.

Two oil ports in Libya have been reopened after an agreement was reached with the security guards. The ports' openings have eased some of the supply concerns caused by the conflict in Egypt.

BY Laura Brodbeck

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