Crude traded above $85 per barrel today for the first time in three days on renewed fears regarding civil turmoil spreading through the Middle East and into oil producing nations.
Crude today hovers around $85 per barrel recording its highest around $85.35 and lowest around $84.76, while it currently is trading around $85.03 per barrel.
The turmoil witnessed in the Middle East has renewed fears on recent developments regarding pro-democratic protests in Iran battling with police forces today, alongside other countries facing the same anti-government protests in Bahrain, Yemen and Algeria following last Friday’s successful ousting of Egyptian President Hosni Mubarak by demonstrators.
Crude yesterday traded around $85 per barrel recording its highest around $86.69 and lowest around $84.56 per barrel, closing around $84.80 per barrel. Futures fell yesterday due to easing concerns over the political unrest in Egypt as President Hosni Mubarak steps down from office, where traders’ feared that the disruption of oil production controlled by the major Suez Canal pipeline could be jeopardized as well as possible political unrest spreading throughout the Middle East.
On our economic agenda includes awaiting for US crude inventories that are scheduled to be released tomorrow, where forecasts expect a gain by 2.5 MB from 345.1 million, or 0.7% last week.
As for NYMEX as of 04:47 EST; motor gasoline rose $0.45 recording $252.880 per gallon; heating is trading around $275.870 per gallon inclining $0.30; whereas natural gasoline shed $0.76 to record $3.895. In London, Brent futures climbed $0.58 to record $103.680.