Crude oil is once again trading close to the $100 a barrel level as investors remain concerned about the situation in the Middle East. Fears that the violence that has rocked Libya over the last week will spread to other oil producing countries continue to drive prices up.
Today, in addition to any developing news out of the Middle East, traders will also want to pay attention to the US Crude Oil Inventories figure, set to be released at 15:30 GMT. Analysts are predicting an increase in US stockpiles from last week. If true, the price of oil may actually go down during the evening session, as it would be a sign of decreased demand in the US.