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
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
Such a dramatic scenario will force convening an emergency meeting by the
Organization of Petroleum Exporting Countries (OPEC) to work out exit
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)
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