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Egyptian riots lift oil prices

02/07/2011
by Sam Fletcher, Senior WriterAfter waffling all week, the March contract for West Texas Intermediate shot up $3.70 to $89.34/bbl Jan. 28 on the New York Mercantile Exchange as civil unrest in Egypt put Wall Street in a panic. It was its highest price since becoming the front-month contract Jan. 21.Despite a Western tendency to consider recent riots in Tunisia and Egypt as "North Africa fighting for more democracy," Olivier Jakob at Petromatrix in Zug, Switzerland, said the one common problem is commodity inflation. The riots "really started this year in La Paz, Bolivia, and are unlikely to end in Cairo," he said. "The last time we had some widespread riots across...
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