Crude oil price slipped on Tuesday as fears over oil supply disruptions at the Suez Canal eased, but attention remained fixed on events in Egypt, where massive antigovernment protests continued for another day. Crude oil prices dropped to an intra-day low of $90.30 a barrel before rebounding to settle at 90.90,
Egypt isn't a major oil supplier, but the Suez Canal and the nearby Sumed pipeline are key chokepoints for global oil supplies. In addition, fears persist that the antigovernment protests could spread to major oil producing countries elsewhere in the region.
As for today, traders should pay attention to the U.S. Crude Oil Inventories report scheduled, as it tends to have a large impact on crude oil's prices recently, especially for the short-term.