WTI Rebounds From Three-Week Low Amid Middle East Supply Risks
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West Texas Intermediate crude rebounded from near its lowest level in almost three weeks amid speculation that conflict in the Middle East may spread and threaten supplies.
Futures gained 0.6 percent after losing 3.1 percent last week. Egypt’s Muslim Brotherhood today defied the army-backed government’s threats to crack down on protests, urging loyalists demanding the reinstatement of ousted President Mohamed Mursi to march on security installations. Iraq stopped pumping crude to the Turkish port of Ceyhan, according to Boutros Maritime & Transports, a port agent. Saudi Arabia’s billionaire Prince Alwaleed bin Talal cautioned against increasing production capacity because he sees demand waning.