30.03.201112:28 Forex Analysis & Reviews: Oil review for 29/03/2011

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On Tuesday oil futures grew amid doubts over resumption of oil export from Libya and stock market uprise.
On Tuesday oil futures showed growth as doubts about Libyan oil export have been increasing and stock market has been up. By the end of NYMEX trades the quotations of April futures on low-sulfur oil rose by 81 cent (0.8%) up to USD 104,79 per barrel. At the same time ICE trades resulted in Brent oil prices growing by 46 cent (0.4%) up to USD 115,26 per barrel.
Crude oil prices have been rising amid uncertainties over how soon Libyan oil will be back on the market. According to Libyan rebels, the country may well start exporting oil within a week.
However, there are persistent doubts about such fast returning of Libyan oil to the market, particularly with the situation in other parts of the region remaining quite unstable. Almost all Libyan export of nearly 1.3 mln. barrels a day ceased due to the national conflict and the sanctions imposed on it by the West.
Crude oil prices have been soaring since the beginning of the Libyan conflict which broke up in mid-February to reach its high USD 106.95 per barrel in the beginning of March. Earlier on Tuesday the very prospect of Libyan oil to be back on the market pushed the prices down.
Yet, some market watchers suppose that the prices have reached their high and now they expect them to decline, especially in case Libyan oil export is resumed. Additionally, oil prices were supported by hiking American stocks which contributed much to hopes for higher US demand for oil.
On Wednesday the Ministry of Energy is to publish its weekly data on the oil reserves and petroleum products of the USA.
Analysts expect oil reserves to increase by 1.5 mln. barrels, reducing thus gas reserves by 1.7 mln. barrels and distillate reserves, including residual oil and diesel fuel, by 400 000 barrels.

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