Egypt turmoil pushes Brent to four-month high
Brent oil prices reached four-month highs in mid-August as civil unrest in Egypt fuelled supply disruption concerns
On 14 August, Brent hit $111 a barrel (/b) after more than 500 people were killed in clashes between the Egyptian army and protesters. Brent prices, which have also been supported by supply outages in Libya and Iraq, have risen by around 9% since former Egyptian president Mohammed Morsi was ousted from power on 3 July. WTI futures, meanwhile, hit 16-month highs as higher US refining runs and crude draws bolstered the West Texas benchmark. WTI futures reached $108/b on 19 July – the highest level since March 2012. On 19 August, Goldman Sachs raised its short-term Brent price forecasts because of recent supply disruptions in Libya and Iraq. The bank increased its three-month price forecast to
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