I have been telling my clients that for WTI crude oil to get above $100 a barrel we would need an event. Not only did Egypt's President act defiant against military demands, then we had a big drop in American Petroleum Institute's supply report.
Oil was little changed in New York after a storm avoided the Gulf of Mexico’s energy-producing area and amid speculation European leaders will fail to stem its debt crisis that threatens to curb fuel demand.
At the moment oil prices are still being mostly driven by the direction of the euro and the US dollar as well as by a view that China's economy is continuing to slow. The tensions evolving in the Middle East between Iran and the West have been easing as another meeting is scheduled for May.