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Price recovery backed by supply tightening, future disruptions due to Gulf tensions, says IHS Markit
Ministries of electricity and petroleum call for additional allocations to face impact of currency flotation, VAT, and rising cost of borrowing in H2 of FY 2016/2017
The price of Brent on international markets recorded $34.4 on Wednesday and reached a maximum of $45 in November.
Imports stood at EGP 31.47bn during January, 21.2% less than the EGP 39.97bn recorded a year earlier, according to CAPMAS
Total foreign investment, which is being pumped this year, is estimated at $7.5bn.
Brent crude oil decline to $50 per barrel
Fuel oil, which is supplied into markets, is currently not subsidised, says expert
US oil fell, pressured by weak manufacturing data attributed to the cold winter weather. That data overshadowed steady consumer sentiment.
US benchmark West Texas Intermediate for September delivery rose 48 cents to $107.33 a barrel on the New York Mercantile Exchange
Brent crude futures up in both London and New York