|News||Crude hovers below $105 amidst Brent price forecast raise by Goldman|
|Analysis||Crude traded below $105 per barrel today losing some momentum but still trading near record highs while Goldman Sachs increased their Brent forecasts amid violent clashes in Libya between rebels and loyal Gaddafi forces.|
Crude today hovers around $104 per barrel recording its highest around $105.21 and lowest around $103.64, while it currently is trading around $103.77 per barrel.
Crude traded bearishly today for the first time in three days following news that Libya’s current violent clashes may simmer down in the near future, and thereby easing jitters regarding further oil production cuts spreading throughout the Middle East.
Crude yesterday traded around $106 per barrel recording its highest around $106.92 and lowest around $104.23 per barrel, closing around $104.79 per barrel. Futures slid yesterday following comments from Qatar's Oil Minister that insured OPEC is eyeing the situation in Libya and will compensate any shortage in supply if seen, though conditions remain stable and not to worry about.
Meanwhile, Washington is evaluating whether to tap into US oil reserves to reduce the skyrocketing black gold prices. This comes after a White House spokesperson stating that officials are studying several strategies and factors, in addition to the flow of crude to the US and cooling boiling energy markets.
As for NYMEX as of 02:51 EST; motor gasoline fell $1.03 recording $297.310 per gallon; heating is trading around $302.600 per gallon declining $1.29; whereas natural gasoline rose $0.05 to record $3.929. In London, Brent futures shed $1.39 to record $113.440.