Oil’s Rally Ends as Egypt Risk Subsides; Brent Stays Above $100
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Oil dropped from a two-year high as concern eased that supplies through the Suez Canal may be disrupted by unrest in Egypt. Brent crude traded at more than $100 a barrel for a second day.
Futures fell as much as 1.1 percent, trimming a two-day gain after Suez Canal officials said traffic is moving normally through the main artery for more than 2.2 million barrels of oil a day. A U.S. government report tomorrow may show stockpiles grew for a third week, according to a Bloomberg News survey.