Crude oil rises on rising supply concerns

Nymex Crude oil prices traded higher by 1.3 percent on Monday and touched an intra-day high of $103.35/bbl. Rising supply concerns due to spreading unrest in the Middle East supported oil prices in yesterday’s trading session.
Additionally, weakness in the US dollar coupled with upbeat sentiments in the global financial markets also help prices to rise. On the MCX, crude oil March contract gained around 1.2 percent on Monday and closed at `4597/bbl.
API Inventory Data today
The American Petroleum Institute (API) will release its weekly inventory data later at midnight today. As per Reuters poll, crude oil inventories are expected to increase by 2 million barrels in the w/e 18th March 2011.
But, distillates, which include heating oil and diesel, are expected to decline by 1.5 million barrels. Gasoline inventories are expected to decrease by 1.9 million barrels in the same week. The US crude oil inventories are likely to increase mainly on the back of rise in imports.
Outlook Crude Oil
Oil prices are expected to trade higher today, as spreading unrest in the Middle East will raise fears of supply disruptions. This factor will help prices to rise. Additionally, weakness in the US dollar will also act as a supportive factor.

(SOurce: http://www.commodityonline.com/futures-trading/technical/Crude-oil-rises-on-rising-supply-concerns-22733.html)