Egypt raised oil prices by 25 cents to 45 cents.
- Share via
The country cited shortages in oil markets caused by disruptions of deliveries from Iran and the Soviet Union. It also said the decline in the dollar’s value was a factor in the decision to raise prices for the second consecutive month. Oil is sold for dollars on world markets, and the dollar’s recent slide against other leading currencies means that foreign producers are earning less for each barrel of oil that they sell.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.