Oil and gasoline prices soared as last week as the rebellion in Libya virtually halted oil shipments from the country. WTI hit US$103.41 a barrel on Thursday before falling back.
On Monday, oil dropped on reports that a tanker bound for China was loading oil in the Libyan port of Tobruk and Saudi Arabia was boosting exports.
Traders said they had booked a "fear premium" of about US$15 to $20 per barrel to account for further disruptions in oil shipments as pro-reform movements swept through North Africa and the Middle East. Oil prices should slide as the situation in Libya stabilizes, analysts said.
However, energy markets are so rattled right now that continued unrest in other major oil producers, including Algeria and Oman, could keep prices extremely volatile this week.
"The market is going to be on a hair trigger," PFGBest analyst Phil Flynn said. "If something else happens, get ready for prices to shoot back up."
In other Nymex trading, heating oil for March delivery was down a penny at US$2.9351 a U.S. gallon (3.78 litres) and gasoline futures for March delivery fell two cents to US$2.8841 a gallon. Natural gas for April delivery added four cents to $4.049 per 1,000 cubic feet.
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