Oil Retreats Ahead of US ISM
BonTradeCrude oil retreated on Tuesday after the strong rally over the past 2 days. However, price remained firm with the front month WTI contract staying above 90 while that for Brent crude hovering around 100. The political unrest in Egypt resulted in temporary suspension of drilling at some oil and natural gas fields. While it's reported that Suez Canal operations remain unaffected for now, the market still worried about potential disruption of oil supplies.
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Oil Retreats Ahead of US ISM
