Oil stayed above the psychological  $100 mark, as the unrest in Egypt continues. The amount of oil in storage in the US also fell by 10.3 million barrels to 383.8 million barrels for the week ended June 28, the U.S. Energy Information Administration said.
This big fall in crude inventory in the US combined with the Egypt military coup bolstered oil prices to the $101 mark. Egypt is not a major oil exporter, but the unrest could mean disruptions to oil flow through the suez canal, fear traders. Â
Oil prices climbed down from historic highs this year owing to US’ shale oil and gas finds.
Robin Mills, head of Manaar Energy, spoke to Oil&Gas Middle East and said the shale oil will definitely have an impact on oil prices in the future; prices could start falling below the $100 mark soon enough.
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