NewsCrude trades below $104 as traders eye Libya and USPreviousForecastAnalysisCrude traded below $104 per barrel today with Libyan rebels advance against Gaddafi loyalist troops and thus possibly ending the conflict soon and restart crude exports, while traders mull over the US economy.
Crude today hovers around $103 per barrel recording its highest around $103.94 and lowest around $103.17, while it currently is trading around $103.44 per barrel.
Traders are optimistic about Libya’s turmoil resolution in the near future, specifically since oil prices have fell from near two-year highs of $106 last week as coalition forces bombard Gaddafi forces assisting rebels advance and gaining control over key oil ports in the region; however, fighting is expected to intensify as rebel forces approach Tripoli, Muammar Gaddafi’s stronghold.
Crude yesterday traded around $105 per barrel recording its highest around $105.71 and lowest around $103.53 per barrel, closing around $103.84 per barrel. Futures yesterday fell due to political conflict in the Middle East overwhelming the region along with the US’ expected gain in crude imports for the fourth consecutive week ahead of the peak for the gasoline demand season.
Moreover, traders are also mulling over US economic recovery and whether it is capable of strengthening as confidence data will be released later on today, as we eye any signs of improvement in the sentiment in line with a drop in unemployment.
As for NYMEX as of 04:51 EST; motor gasoline fell $0.27 recording $301.910 per gallon; heating is trading around $302.330 per gallon declining $0.05; whereas natural gasoline shed $0.32 to record $4.360. In London, Brent futures dropped $0.30 to record $114.460.