FXstreet.com (Barcelona) - Despite plummeting underneath $97.00 again today in the midst of a broad sell-off, crude oil is once again gaining over the European session as demand concerns in Japan dissipate and unrest in the Middle East triggers supply-side worries. The front-month contract currently trades at the $100.00 barrier ahead of the North American session which should give further direction.
Crude oil has been mostly consolidated to the downside of $100.00 in recent days, as markets feared global oil demand taking a hit in the face of a broad economic slowdown in Japan. However as the dust settles, it is looking more likely that Japan will need to increase oil imports in the medium-term as reconstruction efforts get underway and with less reliance on nuclear energy.
What´s more, unrest in the MENA countries remain in focus as tensions in Bahrain continue to draw worries of supply disruption in the world´s biggest producer, Saudi Arabia. The situation in Libya also looks more fragile by the day as pro-Qaddafi forces continue to bombard rebel-held cities.
