The price of crude oil took off yesterday, as turmoil throughout the Middle East has increased worries about whether supplies will be in any way affected. Over the last 24 hours, the price of crude has gone up almost $2, and the commodity is once again trading about the $89 a barrel level.
Today, crude oil traders will want to continue to pay attention to any news out of the Middle East. Major oil producing countries like Libya and Iran have been rocked by protests in recent days. If these protests continue, the price of oil is likely to continue to rise as investors continue to worry about production capabilities.