NewsCrude hovers above $91 as investors eye US jobs report and Egypt
Previous
Forecast
AnalysisCrude traded above $91 per barrel today as traders’ await key US jobs report and maintain gaze on violence in Egypt.

Crude today hovers around $91 per barrel recording its highest around $91.17 and lowest around $90.49, while it currently is trading around $90.58 per barrel.

Investors’ are closely eyeing recent updates from Egypt, where violence has spread due to clashes between supports and opponents of President Hosni Mubarak in Cairo as fears are building up regarding the possibility of political instability spreading throughout the Middle East.

Crude yesterday traded around $90 per barrel recording its highest around $92.02 and lowest around $89.99 per barrel, closing around $90.53 per barrel. Futures rose yesterday as the chaos in Egypt left investors jittery regarding supplies passing through the Suez Canal being disrupted and the unrest possibly spreading to the rest of the Middle East.

Asian markets traded lightly due to the Lunar New Year.

Moreover, on our economic agenda today we await for the release of the US jobs report for January at 13:30 GMT, where analysts expect 146 thousand new jobs to have been added in January and unemployment to rise to 9.5% from the prior 9.4% in December.

As for NYMEX as of 04:38 EST; motor gasoline rose $0.14 recording $250.700 per gallon; heating is trading around $276.680 per gallon declining $0.02; whereas natural gasoline gained $0.28 to record $4.349. In London, Brent futures shed $0.25 to record $101.510.