Brent crude oil traded steadily at $108.20 at 7:50 GMT on Tuesday morning as investors awaited US inventory data and kept a wary eye on conflict in the Middle East and Africa.
The commodity has risen higher on a weak dollar recently and maintained its position as tension in oil rich nations threatens to disrupt supply.
In Libya, Zueitina Oil Co was closed as protesters who were demanding jobs disrupted the plant's operations. According to Reuters, Monday marked the sixth day of supply interruption due to protests in Libya.
Also keeping Brent prices strong was new tension in Egypt as investors worried about damage to the Suez Canal, where much of the world's crude passes. Ongoing protests have, often violently, pitted over thrown President Mohammed Morsi's supporters and opponents against one another in the streets of Cairo. Now, Morsi's family is claiming that it will take legal action against the army.
The news was disappointing to many who were hoping the recent appointment of cabinet members and organization of new elections would return the nation to peace. So far, Egypt's conflict hasn't had an effect on oil shipments, but investors have been wary due to nation's key role in crude shipments.
Moving forward, investors will be waiting for data from the US which is expected to show that US commercial crude oil stockpiles dropped for the fourth consecutive week. Economists have forecast that US crude stocks dropped by 2.4 million barrels for the week that ended on July 19.
BY Laura Brodbeck
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Brent Steady At $108 As Investors Wait For US Inventory Data
Published 07/23/2013, 08:31 AM
Updated 05/14/2017, 06:45 AM
Brent Steady At $108 As Investors Wait For US Inventory Data
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