Wednesday, September 4, 2013

Worried wells

The Economist: OVER the past month the price of Brent crude oil has risen by five dollars to $115 a barrel. The prospect of Western military intervention in Syria is one reason for the bump in price... military action could have nasty spillover effects elsewhere in the Middle East... could also foster violent anti-Western sentiment in Egypt, home of the Suez Canal, which carries 7% of the seaborne trade in oil... A combination of strikes and sabotage has hurt Nigerian, Iraqi and Libyan oil production. And the amount of “spare capacity” in oil output—a gauge of future price movements—is at its lowest level since 2008. That will keep oil floating to the surface...

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