Crude Oil Hits $100 - Middle Eastern Crisis will Push it Higher

Hi Reader,

Amid the crisis in Egypt, Crude Oil hits the $100 mark and seems to break through a Resistance level. Only peace will bring it down.

On Tuesday (01 February 2011), the crude oil dropped from a two-year high as concern eased that supplies through the Suez Canal may be disrupted by unrest in Egypt. Brent crude traded at more than $100 per barrel for a second day.

Crude oil for March delivery declined as much as $1.03 to $91.16 per barrel on the New York Mercantile Exchange. Brent crude oil for March settlement declined as much as 82 cents (0.8%) to $100.19 per barrel on the ICE Futures Europe Exchange in London.

Traders are buying dips on fears that things could escalate further in the Middle East and spread to other countries," said Tom Bentz, a broker at BNP Paribas in New York.

"Everything is still moving and there is no loss of shipping. But there are still concerns - nothing has gone away."

And James Burkhard, managing director for Global Oil at the analysis firm IHS CERA said: "Given how important a role Egypt plays in the Arab world and in the Middle East, the unrest adds a new level of anxiety to the oil market."

Traders are pricing in the possibility of escalation of protests across the Middle East, so for as long as the unrest continues crude prices will remain well supported.

Your comments most welcome

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