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| Egypt unrest pushes the price of oil to a 14-month high | Egypt unrest pushes the price of oil to a 14-month high |
| (about 11 hours later) | |
| The price of US light crude oil hit a 14-month high on Wednesday to over $100 a barrel on concerns over political turmoil in Egypt. | The price of US light crude oil hit a 14-month high on Wednesday to over $100 a barrel on concerns over political turmoil in Egypt. |
| The benchmark US crude rose $1.64 to $101.2 a barrel, its highest since May 2012, while Brent crude rose 1.76% to $105.76 a barrel. | |
| As well Middle East worries, rising US demand for oil also boosted prices. | As well Middle East worries, rising US demand for oil also boosted prices. |
| The US Energy Department said that weekly US crude supplies fell by 10.3 million barrels. | The US Energy Department said that weekly US crude supplies fell by 10.3 million barrels. |
| That was the biggest fall in 13 years and was more than three times the drop that had been expected. | That was the biggest fall in 13 years and was more than three times the drop that had been expected. |
| It was partly due to a temporary reduction in supplies from Canada as well as increased demand from a refinery in Indiana that had just restarted work. | It was partly due to a temporary reduction in supplies from Canada as well as increased demand from a refinery in Indiana that had just restarted work. |
| Flows | Flows |
| Traders also worried that the volatile political situation in Egypt could interrupt oil flows through the Suez Canal and the wider Middle East, which account for around 25% of the world's oil output. | Traders also worried that the volatile political situation in Egypt could interrupt oil flows through the Suez Canal and the wider Middle East, which account for around 25% of the world's oil output. |
| The Egyptian president, Mohammed Morsi, is facing protests from millions of protesters, and the Egyptian military is threatening to disband parliament and put in place a new leadership. | The Egyptian president, Mohammed Morsi, is facing protests from millions of protesters, and the Egyptian military is threatening to disband parliament and put in place a new leadership. |
| The Suez Canal sees just over 2% of world oil needs pass through it daily. | The Suez Canal sees just over 2% of world oil needs pass through it daily. |
| The Suez Canal Authority, which operates the waterway, said it "has all the authorities needed for running the Canal without being limited by the laws and the systems of the [Egyptian] government". | The Suez Canal Authority, which operates the waterway, said it "has all the authorities needed for running the Canal without being limited by the laws and the systems of the [Egyptian] government". |
| The rises came despite economic signals from China earlier on Wednesday which suggested construction activity in the country was slowing down - the latest sign of weakening growth - and weakening growth in demand for raw materials - from the country. | The rises came despite economic signals from China earlier on Wednesday which suggested construction activity in the country was slowing down - the latest sign of weakening growth - and weakening growth in demand for raw materials - from the country. |