March crude oil traded higher during the early morning hours but turned flat heading into the US session. Some traders suggested that positive action in global stock markets this morning and early weakness in the US Dollar lent some support to March crude oil. Meanwhile, price differentials between Brent and WTI remains a highlight within the energy markets, especially after a $2.50 premium widening Tuesday. While Bent crude oil garners support from ideas of tightening North Sea supplies and uncertainty in Egypt, WTI crude is having to deal with growing US stockpiles. Private industry data Tuesday afternoon projected a larger build in weekly inventories then previous expectations that called for a 2.75 million barrel build. The Egyptian uncertainty remains a hot topic with both the US and Turkish leaders urging President Mubarak to step down sooner rather than later, especially after protestors seemed disappointed that he would remain in power until the September election. For now, the Suez Canal appears to be operating normally, with no major disruptions in the Sumed pipeline or Egypt's Alexandria and Damietta ports.
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