|News||Crude traded around $105 amid ongoing Middle East political unrest|
|Analysis||Crude traded below $106 per barrel today as political unrest in the Middle East persisted, while strong global demand maintain crude near two-year highs as US struggles with supplies following concerns over further oil disruptions in oil-rich countries.|
Crude today hovers around $105 per barrel recording its highest around $105.75 and lowest around $105.25, while currently trading around $105.33 per barrel.
Investors continue eyeing recent developments in the Middle East, where escalating protests in Syria and Yemen have led to the death of 37 protestors in Syria as demonstrators move to the Yemen presidential palace amidst tensions tightening on President Ali Abdullah Saleh. Meanwhile, in Libya coalition fighter jets continue striking Gaddafi forces this week; although, rebels are finding difficulty in overcoming the regime’s endless offensive.
Crude yesterday traded around $105 per barrel recording its highest around $106.64 and lowest around $104.75 per barrel, closing around $105.36 per barrel. Futures rose yesterday and 23% since February 15, due to political conflict in the Middle East overwhelming the region as they turn more violent and thereby affecting demand on demand.
As for NYMEX as of 05:19 EST; motor gasoline rose $0.01 recording $304.500 per gallon; heating is trading around $306.000 per gallon declining $0.07; whereas natural gasoline climbed $1.04 to record $4.288. In London, Brent futures shed $0.08 to record $115.630.