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Lower Oil Price ‘Double-Edged Sword’ for Egypt

The fall in global oil prices will cut Egypt's fuel subsidy bill but could hit the finances of oil-exporting Gulf allies who have showered it with billions of dollars in aid. Oil has dropped dramatically over the past six months, with Brent crude trading at $60.87 a barrel on Tuesday, down 47 percent from this year's peak just over $115 in June. If it stays at that level, the government expects to save  30 billion Egyptian pounds ($4.2 billion) on fuel subsidies for its 86...

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