Crude oil prices are marginally lower, this morning, but they are maintaining a fairly elevated level. Prices continue to be supported by the tumult in the Middle East, specifically Egypt and Libya. The violence in Egypt is just not letting up. The considered analysis is that options for outside intervention or leverage are nearly non-existent. Increasingly, the situation is seen as enduring for quite some time. Saudi Arabia came out in full-throated support the military government on Friday, asserting that the country is in a struggle against terrorism.
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