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Oil futures continued to linger around USD 106

March 28/2011

(Plastemart) -- Oil futures eased at the end of last week, but continued to linger around USD 106 as political tensions continued to blaze in the Middle East. One of the latest developments in the Middle East crisis has seen members of the North Atlantic Treaty Organization (NATO), reportedly reach an agreement to take over enforcement of the United Nations-sanctioned no-fly zone over Libya.

Expectations of oil demand from Japan bouncing bounce back also provide some support to oil prices. However, Japanese oil imports are estimated at less than pre-quake levels of 4.2 mln bpd, while data suggests an extra 0.7-1.2 mln tons of extra oil on the market currently.

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