WTI Crude oil Defended 90 on Egypt Unrest. Brent Breaks 103

3 February 2011 3 February 2011

BonTrade

WTI Crude oil managed to hold above 90 psychological level and recovers today on renewed Egypt concern while brent crude oil breaches 103 mark, making a 28 month high. Pro-president Hosni Mubarak group opened fire on protesters in Cairo's Tahrir Square, wounding at least seven. The incident complicated the process of power transition in Egypt and raised the prospect of contagion into other countries of Middle East and North Africa. WTI crude oil shrugged off yesterday's bearish inventory rise and remained firm above 90 level so far. It looks as if more consolidations would be seen below 93 first though.