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Oil Rises Amid Unrest in Egypt

Brent crude held steady above $110 a barrel on Monday, after posting its biggest weekly percentage gain last week since the first half of July, as unrest in Egypt stoked fears over oil supply security in the Middle East. But investors remained cautious as they awaited more clues on when the United States, the world’s largest oil consumer, will begin trimming its monetary stimulus.

Brent crude oil futures for October delivery had slipped 14 cents to $110.26 a barrel by 06.51am. Brent hit a four-month high of $111.53 on Thursday on fears that violence in Cairo could affect the Suez Canal, a major oil conduit. US oil for September delivery fell 16 cents to $107.30.

Source: Irish Times . Read full article. (link)

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