Egypt seeks help from banks to ease risk of oil price fluctuations

Cairo: Egypt will start to seek contracts with banks or international financial institutions to hedge against fluctuating global oil prices, the cabinet said on Wednesday.

A statement said it was a precautionary measure and gave no further details.

Egypt estimated a price of $67 (Dh246) per barrel in its full-year 2018-2019 budget, while the current price of Brent crude is $74 per barrel.