Crude oil surges on Middle East crisis

On a weekly basis, Nymex crude oil prices surged around 2.5 percent, mainly taking cues from worries due to lingering conflict in OPEC member Libya could keep its oil exports shut and rising unrest in the Middle East.
This has increased supply fear which led oil prices to rise. In addition to this, favorable job data from the US also helped oil prices to rise.
Prices touched a high of $108.47/bbl last week and closed at $107.94/bbl on Friday. On the MCX, crude oil May contract gained around 1.5 percent and touched a high of `4829/bbl last week.
Appreciation in the Indian currency capped further gains on the MCX.
Natural gas
Natural Gas Inventories decline
Natural Gas prices declined sharply by 4 percent on the Nymex last week and close at $4.34/mmBtu on Friday. Prices traded lower mainly on the back of rise in the US natural gas inventories.
Report released by the US Energy Department showed that natural gas stocks increased by 12 billion cubic feet (bcf) for the week ending 25th March. On the MCX, natural gas prices were down by more than 3 percent to close at ` 193.3 on Friday.
Outlook Crude Oil
Oil prices are expected to trade higher today on account of rising supply concerns due to increasing turmoil in the Middle East and dollar weakness.

(Source: http://www.commodityonline.com/futures-trading/technical/Crude-oil-surges-on-Middle-East-crisis-22995.html)