Fundamental Oil Report (2011-04-08)

By @ibtimes on

NewsCrude jumped above $111 as Libyan oil-fields are damagedPreviousForecastAnalysisCrude traded above $111 per barrel today as Libyan fighting has led to a damage in oil installations as the dollar further weakens, as black gold is still desirable to foreign currencies due it being cheaper to them.

Crude today hovers around $111 per barrel recording its highest around $111.53 and lowest around $110.09, while it currently is trading around $111.48 per barrel.

Traders’ fears are materializing, where Gaddafi loyalists recently attacked Libya’s largest oil-field in the rebel held east damaging it. Meanwhile, the oil shipments of one million barrels by rebels on Wednesday and plans to restart production was disrupted by the sudden attack, where the OPEC nation’s crude production has been cut down to merely nothing from the 1.6 MB a day in February before the fighting.

Crude yesterday traded around $110 per barrel recording its highest around $110.40 and lowest around $108.21 per barrel, closing around $110.26 per barrel. Futures yesterday skyrocketed as the dollar weakened and thus boosting crude prices, following Libya’s largest oil-field damaged by Gaddafi forces.

The boost in prices was sparked by a weaker dollar making commodities cheaper for traders carrying other currencies.

As for NYMEX as of 03:59 EST; motor gasoline rose $0.83 recording $321.310 per gallon; heating is trading around $324.150 per gallon inclining $1.11; whereas natural gasoline shed $0.30 to record $4.045. In London, Brent futures gained $1.00 to record $123.900.

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