|News||Crude trades above $107 as Gaddafi continues pushing back rebels|
|Analysis||Crude traded above $107 per barrel today as investors' fears are extended due to prolonged civil unrest in Libya that will hold back exports from markets longer than expected.|
Crude today hovers around $107 per barrel recording its highest around $107.62 and lowest around $106.57, while it currently is trading around $107.16 per barrel.
Gaddafi forces continue pushing back rebels, where they regained control over key oil-port Ras Lanouf and shelled Barega yesterday since output capacity since the beginning of the unrest in February has been shut down, losing most of the 1.6 million barrels.
Crude yesterday traded around $106 per barrel recording its highest around $106.79 and lowest around $104.11 per barrel, closing around $106.65 per barrel. Futures yesterday rose as the US dollar in turn weakened, due to political conflict in the Middle East overwhelming the region along with the US’ gain in imports for the fourth consecutive week ahead of the peak for the gasoline demand season.
As for NYMEX as of 04:19 EST; motor gasoline rose $0.32 recording $311.760 per gallon; heating is trading around $311.820 per gallon inclining $0.18; whereas natural gasoline shed $0.36 to record $4.373. In London, Brent futures rose $0.26 to record $117.670.