Crude oil began last week's session with a falling trend, and reached as low as $83.85 a barrel. However, the trend has then promptly reversed, and crude gained to $90.95 by Friday. As this week's trading begins, crude continues to rally, and is currently trading near $91.50 a barrel.
Crude oil rally continues as violence escalated in Libya, increasing concerns that crude supplies from the Middle East will be disrupted. Following the protests in Tunis and Egypt, the unrest has spread to Libya and Libyan leader Muammar Qaddafi's son has warned that a civil would risk the country's oil wealth.
As for this week, traders are advised to first and for most follow the developments in the Middle East. If the protest in Libya will proceed, and in case that the unrest will spread to Iran as well, crude prices could undergo another rally.