Certain Japanese recovery with additional demand for oil and the continuing battle in Libya led NYMEX prices up in light trading. Brent and both products followed suit. The renewed fighting despite the no-fly zone indicates that there will be little if any flow of crude out of Libya any time soon. Meanwhile, the problems for the Yemeni regime continue to grow as generals have now defected to the opposition. This fighting raise the risk premium because of Saudi Arabia's proximity to Yemen.
Today, WTI +$2.06, $104.46; Brent +75¢, $115.69; gasoline +0.77¢, $3.0051; distillate +2.33¢, $3.0751.
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