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Egypt''s turmoil affecting world economy

KUWAIT, Feb 5 (KUNA) -- The ongoing unrest in Egypt is still having a spillover impact on the economic situations around the globe, International Financial Brokerage Group (IFBG) said in its economic report here on Saturday.
The oil prices soared remarkably last week amidst fears that the spiraling turmoil in Egypt since January 25, could lead to closure of the Suez Canal, a vital international navigation route, and push up prices of oil and other key commodities.
Any decision to close the Suez Canal could push the oil prices to an all-time record high of USD 200 per barrel, the report said, citing Venezuelan estimates.
Such a dramatic scenario will force convening an emergency meeting by the Organization of Petroleum Exporting Countries (OPEC) to work out exit strategies.
Meanwhile, the report expected the Egyptian markets to reopen on Monday.
Since early 2011, the benchmark of Egyptian Exchange (EGX) has lost more than 21 percent after recovering by 50 percent over the last two years, the report added. (end) mka.tb.gb KUNA 051611 Feb 11NNNN