Oil prices
Oil prices recorded an incline by 1.00$ by the end of Fridays trading session, approaching its highest in almost 11 months at 73.00$ pb, after it met support from higher Brent prices and increased fears regarding the U.S. gasoline shortage especially with the continuation of the Nigerian violence. Crude recorded on Friday a high of 72.94$ pb, and a low of 71.56$ pb, closing at 72.81$ pb.
In the Asian morning trading session today, crude prices are witnessing a quiet movement, being traded within narrow ranges below the 72.75$ pb, declining more than a quarter of a dollar until the hour of this report, on profit taking transactions. Crude recorded until now a high of 72.75$ pb and a low of 72.53$ pb, after it opened at 72.75$ pb.
Fears regarding gasoline shortage in the U.S. especially with the continuation on the Nigerian violence, gave further support to prices last week, approaching its highest in 11 months. But the release of one of the hostages on Sunday eased the tensions which prevailed on markets, leading crude prices slightly to the downside this morning.
The increase of the U.S. refineries capacity utilization to only 90%, when the normal average is 94%, increased some investors concerns, believing that at this level the U.S. refineries will not be able to meet the increasing demand on gasoline this summer in the largest energy consumer in the world
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