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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV