|News||Crude extends gains hovering above $89 over Egyptian turmoil|
|Analysis||Crude is trading above $89 per barrel today, extending its biggest gain in 19-months as turmoil over anti-government protests continue spreading woes across the Middle East and thereby effecting demand.|
Crude today hovers around $89 per barrel recording its highest around $90.82 and lowest around $89.19, while it currently is trading around $89.50 per barrel.
The recent unrest in Egypt is having a profound impact on markets and commodities, where traders have pulled money from oil, gold and dollar purchasing specifically since Suez Canal and Suez – Mediterranean pipeline play a major role passing oil from the Persian Gulf to Europe and North America. This anti-government protest follows Tunisia’s similar protests that led to the forced removal of the president Zine El Abidine Ben Ali, fleeing to Saudi Arabia; while, similar events are currently occurring in other countries in the region like Lebanon and Yemen.
Crude last Friday traded around $89 per barrel recording its highest around $89.69 and lowest around $85.09 per barrel, closing around $89.29 per barrel. Futures rose last Friday as the dollar rose due to the Middle Eastern tensions rocking markets and leaving investors jittery regarding commodities.
As for NYMEX as of 02:44 EST; motor gasoline rose $0.44 recording $246.750 per gallon; heating is trading around $270.090 per gallon inclining $0.40; whereas natural gasoline also climbed $0.16 to record $4.330. In London, Brent futures rose $0.18 to record $99.600.