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Oil Prices: Egypt’s Crisis Could Hurt Europe First
Some crude oil prices brushed $100 a barrel Monday as fears escalated that the violence in Egypt would spread to other parts of the oil-producing Middle East. But so far, no reports have surfaced that the disturbances in Egypt have disrupted oil deliveries.
Brent crude oil surged to $99.97 a barrel on London’s ICE futures exchange, up about 5% since the beginning of last week, when violence spread from Tunisia to Egypt. In U.S. trading, West Texas Intermediate shot up 1.7% on Monday, but was still about $10 a barrel cheaper than Brent crude, its European counterpart.
Julius Walker, a senior analyst at the International Energy Agency in Paris, says the organization has received no reports that oil shipments were being delayed, but the website of the agency that runs the Suez Canal has been shut down by the ban on Internet use in Egypt, so a precise reading isn’t available.
“Nothing has been affected. It’s just the worry of it,” Walker says.
A Chokepoint for Europe-Bound Oil
Egypt is a small oil producer, and its output is almost exactly equal to Read more…
The coming US Depression has an added dimension: “…a huge underclass of very desperate people with their minds chemically blown beyond anybody’s comprehension” which may fuel unprecedented unrest.
by Tom Dennen
Money talks and here is what it is saying: Here are the Current Account Balances of 163 Countries in the World COMPARED WITH LEVELS OF STREET VIOLENCE (all except Egypt at the bottom of the debt list) :
Notice the amazing entry at the bottom of this list (scroll down) taken from Gerald Celentes’ Trends Journal, the full report, 2011.The Current Account Balance records a country’s net trade in goods and services, plus net earnings from rents, interest, profits, and dividends, and net transfer payments (such as pension funds and worker remittances) to and from the rest of the world during the period specified. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
China is No. 1, Hong Kong No. 15, Egypt N.37 … check who is No. 163
World Ranking – Current Acct Balance (in Millions of US$)
1 People’s Republic of China (PRC) 179,100
2 Japan 174,400
3 Germany 134,800 Read more…
How Egypt shut down the internet
Virtually all internet access in Egypt is cut off today as the government battles to contain the street protests that threaten to topple President Hosni Mubarak.
Organisations that track global internet access detected a collapse in traffic in to and out of Egypt at around 10.30GMT on Thursday night.
The shut down involved the withdrawal of more than 3,500 Border Gateway Protocol (BGP) routes by Egyptian ISPs, according to Renesys, a networking firm. Only one ISP out of 10, Noor Data Networks, appeared largely unaffected. It connects to the outside world via an undersea cable operated by Telecom Italia.
According to BGPMon, another networking firm, 88 per cent of Egyptian internet access was successfully shut down, however.
Renesys speculated that the apparent anomaly of Noor Data Networks may be a result of the fact it provides services to the Egyptian stock exchange. Read more…




Show of strength: Egyptians surround an army tank during protests in central Cairo on the sixth day of action


The wave of unrest in the Middle East that began with the Jasmine Revolution is now having repercussions around the globe.
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