Monday, 28 March 2011
OIL - Crude Oil Holds Above $105 on Middle East Unrest
Crude oil prices held near a 30-month high as the U.S. and its allies attacked Libyan leader Muammar Qaddafi's troops and protesters clashed with government forces in Syria, bolstering concerns of potential disruptions of oil supplies.
A series of global events have rattled markets in the past several weeks, and analysts say oil prices are headed for wild swings as perceptions shift about how energy prices will affect the global economy.
As for today, traders should first and foremost follow the developments in the Middle East, as this issue will continue to impact oil prices in the near future. Traders are also advised to follow the U.S Pending Home Sales report, which is scheduled for today at 14:00 GMT, as this report tends to have a direct impact on the market and a correlation with oil prices.
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