Quick Take: Turmoil in Egypt Pushes Oil Higher
NEW YORK ( TheStreet) -- With so much geopolitical unrest around the globe, crude prices are beginning to heat up. Giving us her take from the pits is independent floor trader Cindy Wexler and TheStreet's Jeanne Yurman.
While traders have been mainly focused on Syria, Iran and Turkey, they now have a new country to add to their list: Egypt.
While Egypt is not a large oil producer, it does control the Suez Canal. If it closes the vital chokepoint, crude supplies would be crippled, driving the price higher.
Wexler says that along with a bullish inventory number this morning, traders are afraid to go into the weekend short crude. Both are lending a hand in crude breaking through the $100-a-barrel level, a 14-month high.
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