{"id":13320,"date":"2011-02-21T09:21:26","date_gmt":"2011-02-21T08:21:26","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13320\/wti-oil-trading-near-92-as-middle-east-tensions-rise\/"},"modified":"2011-02-21T09:21:26","modified_gmt":"2011-02-21T08:21:26","slug":"wti-oil-trading-near-92-as-middle-east-tensions-rise","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13320\/wti-oil-trading-near-92-as-middle-east-tensions-rise\/","title":{"rendered":"WTI oil trading near $92 as Middle East tensions rise"},"content":{"rendered":"

WTI oil futures open the week’s trading session up $2, near $92 a barrel as tensions in the Middle East have traders and investors buying back into crude oil, mainly on supply concerns.<\/p>\n

Latest WTI Oil Price<\/strong><\/p>\n

US Light crude oil futures for April 2011 delivery was trading at $91.98 a barrel, 08.15 GMT this morning on the NYMEX.<\/p>\n

Focus on Libya<\/strong><\/p>\n

Violent demonstrations intensified in Libya over the weekend, as protestors attempt to end the 42 year rule of the country\u2019s leader Moammar Gadhafi.<\/p>\n

On Sunday the son of the Libyan leader appeared on state television and warned protesters that they risked inciting a civil war in which Libya\u2019s oil wealth \u201cwill be burned,\u201d the Wall St Journal reported on its website.<\/p>\n

“This is a separatist movement and it threatens the unity of Libya as a country. A few people have died and violence against the police have escalated.” Seif al-Islam Gadhafi said in a televised speech.<\/p>\n

Human Rights Watch estimates the death toll from four days of protests in cities across Libya is at least 223, according to a report on its website on Monday. Libya has the largest proven oil reserves in Africa.<\/p>\n

Protests extended into Morocco for the first time over the weekend, and demonstrations continued in Bahrain and Iran.<\/p>\n

Unfolding protests in the Middle East and North Africa have underpinned oil prices in recent weeks.<\/p>\n

Analysts at ClearView Energy Partners said in a recent note that the events \u201chave significant potential to impact petroleum supply, during and after any transition to a new government, because the nations undergoing turmoil contribute a meaningful share to global liquids production.\u201d<\/p>\n

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