Crude traded below $86 per barrel today as traders’ eyes are locked on inflation and consumer demand figures, while oil trades near its lowest in ten weeks following Egyptian President Hosni Mubarak's resignation.
Crude today hovers around $86 per barrel recording its highest around $85.79 and lowest around $85.10, while it currently is trading around $85.20 per barrel.
Investors are presently eyeing recent US inflation and retail sales figures for this week, where high crude prices could affect inflation levels in the second largest global energy consumer; alongside China, the second world largest economy, increasing crude imports to reach its highest in four months along with expectations of inflation data that are due on Tuesday.
Crude last Friday traded around $86 per barrel recording its highest around $87.69 and lowest around $85.09 per barrel, closing around $85.29 per barrel. Futures fell last Friday due to easing concerns over the political unrest in Egypt as President Hosni Mubarak steped down where traders’ feared that the disruption of oil production through the major Suez Canal as well as possible political unrest spreading throughout the Middle East.
Moreover, global fears regarding Egyptian Suez Canal disruption have simmered as the 18-day antigovernment protests in Egypt ended, finally ending with President Hosni Mubarak’s resignation on Friday.
As for NYMEX as of 04:55 EST; motor gasoline rose $0.75 recording $248.370 per gallon; heating is trading around $271.150 per gallon inclining $0.58; whereas natural gasoline shed $1.10 to record $3.867. In London, Brent futures climbed $0.39 to record $101.330.