Oil Nears $105 on Middle East Unrest

27 March 2011 (Last Updated March 27th, 2011 18:30)

Oil prices hovered around $105 this morning, supported by speculative positions due to continuing concern over Middle East unrest. US crude fell by 13¢ to stand at $105.27 and Brent crude for May slipped 8¢ to $115.51 a barrel by 02.13 ET, reports Reuters. In Libya

Oil prices hovered around $105 this morning, supported by speculative positions due to continuing concern over Middle East unrest.

US crude fell by 13¢ to stand at $105.27 and Brent crude for May slipped 8¢ to $115.51 a barrel by 02.13 ET, reports Reuters.

In Libya, rebels regained control over a series of towns with oil terminals over the weekend, backed by Western-led military intervention.

Syria deployed its army to the country’s main port to curb protests, while in Yemen talks between the government and opposition were suspended.

Elsewhere, the oil market saw capping of gains due to Portugal’s eurozone crisis.

According to Commodity Futures Trading Commission, net-long positions on NYMEX crude increased by 16,000 to near 287,000 contracts in the week ending 22 March 2011.