Commodity Daily News

Spot Crude Oil Prices Decline Despite Middle East Tensions

Crude oil fell for a second day to $103.75 a barrel on Tuesday as Libyan rebels gained ground against embattled leader Muammar Gaddafi, boosting expectations supplies from the nation may be restored quicker than expected.

Rebels, emboldened by Western-led air strikes against Gaddafi's troops, have regained control of key oil ports and advanced west. The progress comes as more than 40 governments and international organizations meet on Tuesday in London to try to lay the groundwork for a Libya without Gaddafi.

As for today, traders should first and foremost follow the developments in the Middle East, as this issue will continue to impact oil prices in the near future. Traders are also advised to follow the US CB Consumer Confidence report, which is scheduled for today at 14:00 GMT, as this report tends to have a direct impact on the market and a correlation with oil prices.