March crude oil prices traded higher during the early morning hours, supported by private foreacasts for a decline in weekly crude stocks and Brent crude oil's ability to turn back above the $100 level. The spread differential between Brent and WTI crude oil reached another record high this morning and eclipsed the $13 level. It also seems that unrest in Egypt has picked up again, this time with as many as 3,000 port workers along the Suez Canal on strike. Additionally, there were early morning reports that a tanker headed for the US was hijacked off the coast of Oman. It was carrying 200 million barrels of Kuwati crude. Some traders viewed these recent developments as factors that could boost risk premiums in crude oil pricing.
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