Spot crude oil prices continued their decline following a failure of the commodity to breach above the $93 resistance level after unrest in Egypt sparked fears of supply disruptions in the Middle East.
On Friday the price of spot crude oil fell to its lowest level since January. The declines came after the release of disappointing US Non-Farm Payrolls report presented a bleaker picture than expected. After the release of the employment data traders sold spot crude oil with the price falling to a low of $88.40.
Crude prices may continue to ease should tensions in the Middle East subside. However, a natural gas pipeline that carries gas from Egypt to Jordan was sabotaged and the pipeline remains closed until repairs can be completed.
Support for spot crude oil comes in at the 86.50-87.00 range. Resistance is located at this year's high of $93.00.