Egypt Events Could Impact Your Wallet
DETROIT (WWJ) - The latest developments in Egypt are critical to the U.S. economy.
WWJ and FOX 2 Business Editor Murray Feldman reports that, with Egypt being located along the Suez Canal -- where everything from oil, wheat and cotton passes through -- any disruption in that region could drive prices up.
But for now, Feldman says, all is well.
"Things seem to be stabilizing and it's going the other way. Oil is down -- certain commodities will cost less in the future markets, at least in the near term. Stock of companies that are in those type of businesses should do better," Feldman said.
Oil prices were down, Friday, over a dollar a barrel. That's about at about a ten-week low.
However, Feldman warns that everything we're seeing right now could turn around on a dime -- if suddenly there's some kind of unexpected event in Egypt or the Middle East.
As reported by CBS News, Egyptian President Hosni Mubarak has stepped down following many days of street protests. Following Friday's announcement, many Metro Detroiters with family in Eqypt were reacting to the news. (More on this story).
