Investor fears that crude oil supplies could be damaged as a result of the recent wave of political turmoil in Libya drove the commodity to a 30-month high in trading yesterday. After falling slightly during the evening, the price of oil began to go up once again during the overnight session, and is currently trading around $95.75 a barrel.
Today, oil traders will want to pay attention to any news out of Libya. Analysts are largely in agreement that unless some measure of order is brought to the country, the price of crude oil is likely to remain at its current high. Until investors are confident that stockpiles in the Middle East are secure, prices are unlikely to come down.