April crude oil prices traded sharply higher during the early morning hours, supported by escalating tensions in Libya from pro-government supporters against rebels and fears that Saudi protestors could garner more momentum later in the week. Some traders also indicated that discussions among US government officials over the prospect of releasing supplies from the 727 million barrel Strategic Petroleum Reserves to help contend with the higher oil pricing. So far, the prospect of added supplies coming on to the US market has had little to no effect on pricing. The Commitments of Traders Futures and Options report as of March 1st showed non-commercial traders were net long 335,674 contracts, an increase of 55,593. The commercial traders were net short 383,754 contracts, an increase of 63,481 contracts. Non-commercial and nonreportable traders combined held a net long position of 383,754 contracts, a new all time record high, with an increase of 63,482 in their net long positioning.