Meanwhile, oil prices fell back on Monday after the head of the oil generators’ group OPEC said he didn’t expect the turmoil in Egypt to affect the Suez Canal, inform Business Today. Oil prices have been pushed higher by fears that supplies might be disrupted when the protests resulted in the closure from the canal, which connects Europe and Asia.
But a canal official told state media that the waterway was functioning at full capacity. US crude initially increased 33 cents to $89.67 per barrel prior to falling back to $89.22, whereas London Brent felt to $98.61 a barrel after nearing the $100 mark.
More than 4 m barrels of crude oil a day are shipped with the canal or an adjacent pipeline. On Friday, shares in shipping companies rose, when worries within the Suez Canal began to emerge.
Its closure would mean ships would have to travel around the southern tip of Africa, adding a large number of miles for their expeditions, and traders wondered that the tanker possessors could charge accordingly.
Shares in Frontline, one from the globes biggest oil tanker operators, ended Friday 7.7 percent higher on the NYSE.