|News||Crude hovers above $102 as Libyan woes prevail|
|Analysis||Crude traded above $102 per barrel today as traders mull over derailed Libyan exports that continue effecting global demand, while international forces carry attacks on Gaddafi loyalist forces.|
Crude today hovers around $103 per barrel recording its highest around $103.40 and lowest around $102.49, while currently trading around $102.82 per barrel.
Clashes in the Middle East continue, where fighting between international forces and Libyan loyalist forces continue halting most of crude production from the OPEC nation. Investors worry that the coalition military intervention could lengthen the shutdown on oil output and thereby affecting global demand.
Crude yesterday traded around $104 per barrel recording its highest around $104.24 and lowest around $102.61 per barrel, closing around $102.66 per barrel. Futures rose yesterday due to ongoing political turmoil in the Middle East heating up and could push crude prices to add $10 as woes regarding unrest spreading to other countries and disrupt supplies continue. Moreover, traders anxiously await tomorrow’s EIA report.
As for NYMEX as of 04:18 EST; motor gasoline fell $0.36 recording $298.670 per gallon; heating is trading around $304.310 per gallon declining $0.31; whereas natural gasoline climbed $0.29 to record $4.173. In London, Brent futures shed $0.40 to record $114.500.