Following a bearish weekly session, crude oil prices are currently recovering. Crude oil began last week's session at around $89.20 a barrel, and fell to as low as $85.00. However, just before the weekend crude recovered, and hit $90.80 a barrel.
Crude oil prices rallied after protests in Egypt provoked concern that the unrest may spread to crude oil-producing parts of the Middle East. Protesters are demanding an end to Egyptian President Hosni Mubarak's 30-year regime, and are currently reluctant to accept the new prime minister and vice president. The fear in the market is that the unrest in Egypt, which was initiated in Tunisia, will spread to oil-producing nations, and will damage oil supplies from the region.
As for the week ahead, traders' attention should be devoted to all developments from the Middle East, as this is likely to continue to play a leading role in commodities trading. Traders should take under consideration that as long as the unrest in the region remain, crude prices might be further supported.