March crude oil prices experienced a mixed to slightly higher trade overnight, as the market awaited this morning's US jobs data and further developments out of Egypt. Some traders indicated that growing turmoil in Egypt continued to provide a measure of support to crude oil pricing. While supplies continue to flow normally through the Suez Canal and SUMED oil pipeline, there remains fear that the unrest will spread to other countries and create supply disruptions. Meanwhile, recent comments from the IEA indicated that stronger-than-expected demand for crude oil has come in response to the global economic rebound, and that could be a factor that offers a measure of support to March crude oil. However, there was also talk of changing dynamics within the currency markets between the Euro currency and US Dollar as being a factor that could limit upside gains in crude oil ahead.
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