NewsCrude hovers above $87 as violence in Mid-East prevailsPreviousForecastAnalysisCrude traded above $87.0 per barrel today as traders’ fears regarding ongoing violence in the Middle East continues, thereby, effecting supplies from OPEC.
Crude today hovers around $87.0 per barrel recording its highest around $88.37 and lowest around $86.17, while it currently is trading around $88.34 per barrel.
The black gold has rebounded to currently gain 2.7% following Libyan leader, Muammar Qaddafi’s son; Saif al-Islam, warning that a civil war could be brewing and thus putting the country’s oil and wealth in danger; accounting for the largest crude reserve holder in the continent exporting 1.0 million barrels per day. Meanwhile, governmental security forces have recently killed more than 200 anti-government protestors according to Human Rights.
Crude last Friday traded around $86 per barrel recording its highest around $87.85 and lowest around $85.63 per barrel, closing around $86.06 per barrel. Futures rose last Friday due to fears overwhelming investors in the Middle East, specifically since Yemen and Libya are the eighth largest oil producing countries in OPEC; while Iran is considered the fourth largest crude producer.
Traders are also currently eyeing Iranian protests, the second largest oil exporter in OPEC after KSA, alongside Bahrain since there are rising fears regarding the spread of political unrest throughout the rest of the region.
As for NYMEX as of 04:22 EST; motor gasoline rose $1.52 recording $259.010 per gallon; heating is trading around $276.460 per gallon inclining $1.91; whereas natural gasoline gained $0.00 to record $3.876. In London, Brent futures gained $1.87 to record $104.440.