Crude oil prices are once again rising. After crude corrected some of its gains and fell from the $103.30 level to $96.35 a barrel, the commodity is opening this week with another bullish move, and is currently trading near $99.60.
Crude oil prices are rising in light of the protests in Libya. The uprising has already cut the nation's output, and currently it seems that Libya's leader Muammar Qaddafi has lost control over much of his country. In addition, the main concern is that the unrest in the Middle East will spread to other parts of the region and will significantly damage global oil production.
As for this week, traders should first and for most follow the developments in the Middle East, as this issue will continue to impact oil prices in the near future. Traders are also advised to follow the U.S. Crude Oil Inventories report, which is scheduled for Wednesday, as this report tends to have a direct impact on the market.