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WTI oil backed off today as Egypt seemed to calm down, on the close today President Mubarak stated he would not seek re-election this September. West Texas WTI was down on the day, however is trading up in in futures as I type. Brent crude continues to trade above $100 and the spread remains at historical high levels ($10), in the past, the when WTI has traded under Brent it has resulted in higher oil prices.
Goldman Sachs said it was bullish on crude oil on strong global demand that is growing well in excess of non-OPEC supply, overriding concerns of potential supply disruptions driven by political developments in the Middle East. >>LINK
Profiting From the Historic Spread Between WTI Cushing and Brent Crude Oil Prices >>LINK
A look at why investors should still be bullish on oil, with Brian Kelly, Kanundrum Capital president. >>LINK