The price of spot crude oil fell earlier in the day on reports of a possible settlement that would end the fighting in Libya. However, once this this rumor was dispelled by Libyan officials, spot crude oil rose from the daily low and is now trading back above the $102 mark.
Prices fell as low as $100.15 before rebounding to the opening day price near $102.21.
The drop in prices that moved in tone with a potential settlement of the conflict underscores just how closely the price of crude oil tracks the violence in the Middle East. An absence of Libyan crude supplies is also beginning to have an impact on European crude oil stocks as Europe is the main recipient of Libyan crude exports.
Tomorrow's US jobs report will be moving crude oil markets. A better than expected jobs report may support rising crude oil prices. Resistance is found at last week's high of 103.30, followed by $110.00.