Crude traded around $92 per barrel today continuing its rally, although signs of a slowdown in China’s economic growth have signaled traders to sell contracts as they eye developments in Egypt.
Crude today hovers around $92 per barrel recording its highest around $92.27 and lowest around $91.74, while it currently is trading around $91.78 per barrel.
The largest energy consumer, China, reported a slight slowing in manufacturing conditions in January affecting oil gains today, where crude gains have stretched over the past two sessions by nearly 7.7%.
Crude yesterday traded around $92 per barrel recording its highest around $92.80 and lowest around $88.38 per barrel, closing around $92.19 per barrel. Futures rose yesterday and the dollar fell on the back of the turmoil in Egypt rocking markets and leaving investors jittery regarding commodities.
Moreover, the present situation in the Egyptian anti-government protests has yet to be resolved as opposition leaders today are planning a large street protest to oust President Hosni Mubarak. Meanwhile, Egyptian military said that they would not use force on protestors.
As for NYMEX as of 03:41 EST; motor gasoline fell $0.60 recording $248.510 per gallon; heating is trading around $272.480 per gallon declining $0.57; whereas natural gasoline shed $0.43 to record $4.401. In London, Brent futures dropped $0.42 to record $100.590.