Libya's major oil producers by the rumors and consider increasing the export of crude oil, NYMEX crude oil futures on the 8th from 29-month closing highs, to $ 105.02 a barrel.
Integrated media reported on March 8, the New York Mercantile Exchange (NYMEX) crude oil futures closed down on the 8th, as investors seek profits, after reports that Libyan leader Muammar Gaddafi's allies are discussing matters relating to his resignation.
Market forces may intervene in the western countries, Libya and the United States may be the use of strategic reserves of crude oil prices is also expected to make under pressure.
New York Mercantile Exchange crude oil futures contract settlement price in April fell 42 cents to $ 105.02 a barrel, down 0.4%. ICE Brent crude futures fell $ 1.98 to $ 113.06 a barrel, down 1.7%.
Market participants said that unless the escalation of tensions, the Libyan market has basically reflected the current crude oil supply disruption impact. IEA (International Energy Agency) estimates the Libyan daily oil production reached 100 million barrels have been reduced.
Saudi Arabia had previously said it would increase oil production, at least to some extent, compensate the Libyan crude oil supply disruption caused by the gap. The country's Oil Minister Ali Naimi (Ali al-Naimi) said the market has sufficient supplies and spare oil production capacity to meet demand.
In addition, most developed countries, oil supply is still good, they may ease the use of strategic reserves of oil pressure. Obama said earlier that the Government consider using the U.S. strategic reserve of 727 million barrels of gasoline price inflation to ease. Such initiatives may result in crude oil prices quickly fall.
However, many market participants expect short-term tensions in the Middle East and North Africa, will oil prices remain high.
Libya news of the week may exceed the U.S. government oil inventory data, which is scheduled for 10:30 am EST on Wednesday announced. Dow Jones Newswires (Dow Jones Newswires) average estimate of analysts surveyed increased by 60 million barrels in crude stocks last week, gasoline inventories fell by 150 million barrels, distillate stocks down 120 million barrels.
American Petroleum Institute (American Petroleum Institute) will be held Tuesday afternoon at 4:30 pm Eastern oil inventory data.
April RBOB gasoline contract settled down 5.72 cents to $ 2.9467 a gallon, down 1.9%. April heating oil futures settled down 5.46 cents to $ 3.0111 a gallon, down 1.8%. (Per charge)