March crude oil prices traded higher during the initial morning hours, supported by continued unrest in Egypt, Brent crude oil pricing back above $100 per barrel and a positive outside market tone. The turmoil in Egypt continues, despite officials from both sides meeting over the weekend to hash out a resolution. The unrest has sparked comments from various OPEC nations, including Kuwait, which has suggested that crude oil prices could surpass the $110 level if the turmoil in Egypt continues. There were also comments from Venezuela's oil minister suggesting that crude oil prices could double if flows through the Suez Canal were stopped. The Commitments of Traders Futures and Options report as of February 1st showed non-commercial traders were net long 216,994 contracts, an increase of 15,820. Non-commercial and nonreportable traders combined held a net long position of 262,423 contracts, an increase of 12,555.
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