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Wednesday, Jul 3
Crowds in Cairo are alarming and partly responsible for WTI crude pushing past $100/bbl, but...
Crowds in Cairo are alarming and partly responsible for WTI crude pushing past $100/bbl, but Liam Denning reminds that Egypt is a net oil importer, and Suez Canal oil transit totals just 0.1% of global demand. The big picture doesn't support higher oil prices: U.S. commercial stockpiles are near 20-year highs, and emerging markets will continue to drive demand growth. Even as near-month futures have risen by ~$7/bbl in the past month, futures for 2016 and beyond have dropped.