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4 Jul 2013
Flash: Turmoil in Egypt shakes up oil – Deutsche Bank
FXstreet.com (New York) - Given the US holiday, markets were thin today, but there were some big news stories floating around, notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank.
Starting with Egypt, the latest is that former President Mursi is being held under house arrest in the Presidential Republican Guards Club after being ousted by the military yesterday evening. General al-Sisi, the defense minister, announced the suspension of the constitution and that the head of the Supreme Court would be sworn in as president.
A technocratic government would be installed to prepare for presidential elections, he said. In terms of the impact on oil supply, the head of the Suez Canal Authority gave a statement yesterday to say that the Suez Canal is secure and navigation is normal. Brent and WTI crude both gained 1.7% yesterday (both are relatively flat overnight).
Starting with Egypt, the latest is that former President Mursi is being held under house arrest in the Presidential Republican Guards Club after being ousted by the military yesterday evening. General al-Sisi, the defense minister, announced the suspension of the constitution and that the head of the Supreme Court would be sworn in as president.
A technocratic government would be installed to prepare for presidential elections, he said. In terms of the impact on oil supply, the head of the Suez Canal Authority gave a statement yesterday to say that the Suez Canal is secure and navigation is normal. Brent and WTI crude both gained 1.7% yesterday (both are relatively flat overnight).