Crude Oil Falls to 10-Week Low After Egypt’s Mubarak Resigns
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Oil fell to a 10-week low in New York after Egyptian President Hosni Mubarak stepped down and handed power to the military, reducing concern that crude shipments from the Middle East will be disrupted.
Oil dropped 1.3 percent after Vice President Omar Suleiman made the announcement on state television today. Protests to unseat Mubarak sparked concern that shipments through the Suez Canal would be shut and that unrest would spread to other countries in the Middle East and North Africa.