Western Companies Close Offices in Egypt; Oil Ends the Day Higher
(NEW YORK) -- Global companies General Motors and Shell Oil have shut down their offices in Egypt in the wake of continued violence in the country.
In a statement to ABC News, GM explained why it has decided to close operations in Egypt.
"We made the decision to close our Cairo office and halt production operations in our plant in 6th October City. The safety and security of our employees is of paramount importance to us. We will continue to monitor the situation closely," the company said Thursday.
Shell also cited the safety and security of its staff as reason for closing its Egypt offices. The company said its offices would remain closed "on Thursday and into the weekend, while business travel into the country has been restricted."
Meanwhile, the price of a barrel of oil was up 48 cents in New York trading on Thursday, settling at $107.33 a barrel.
While higher oil prices generally mean higher gas prices, experts say the violence in Egypt would have to get much worse before we see a significant impact on prices at the pump.
As long as there is no impact on the Suez Canal or any other major oil installations, Egypt’s impact on oil and gas prices is expected to be limited.
Copyright 2013 ABC News Radio