After shooting up more than $4 yesterday, crude oil traded relatively flat in the overnight session. Oil's bullish behavior was attributed to the turmoil in Egypt, which has threatened to spread throughout the Arab world. Investors are still fearful that further political unrest in the Middle East may hamper oil production. As such, the price of oil went from as low as $88.34 a barrel yesterday, to as high as $92.30. Currently the commodity is trading at $91.86.
Today, traders will want to keep up with any news from Egypt. Further unrest is likely to drive the price of oil higher. At the same time, the sooner the Egyptian government is able to quell protests and reinstate a level of calm in the country, the sooner the price of oil will likely stabilize.