Suez Canal strike may ignite protests, oil prices rising

Posted on February 10, 2011 by

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CAIRO (Commodity Online) : Giving more momentum to anti Mubarak protests in Egypt, thousands of Suez Canal service workers began an indefinite strike threatening crude oil supply disruptions.

According to Egyptian daily Al Ahram, 6,000 workers in Suez, Port Said and Ismailia had begun an indefinite strike and sit-in in protest against poor wages and deteriorating health and working conditions.  …….

The US Energy Department classifies the Suez Canal as one of a handful of World Oil Transit Chokepoints and events there can have a disproportionate effect on oil prices, which last week hit $100 a barrel on fears that the Canal could be hit by protests.

Source : commodityonline.com

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