Opec basket price up more to $113.36 on Friday

Crude for May delivery fell Monday a day after the US economy reported that the economy added 216 thousand jobs last month, while Libya’s conflict continues to push prices higher. Nonetheless, Kuwait Oil minister sees prices high, and expects oil to drop and trade near 90.0 – 100.0 a barrel as soon as conditions in Libya ends.

Crude for May delivery traded lower at $108.03 a barrel, compared with the opening levels of $108.27 a barrel, while setting a high of $108.75 a barrel and a low of $107.57 a barrel.

Brent Crude future contracts rose 0.81 percent, as it gained $0.960 to trade at $119.660 a barrel

The US dollar index, which tracks the performance of the dollar against six-majors, dropped on a daily basis to 75.79, compared with the opening levels of 75.85. Dollar holds an inverse relationship with commodities as they are a dollar weighted investment tools

Major Market Movers:

Crude last Friday traded around $107 per barrel recording its highest around $108.20 and lowest around $106.28 per barrel, closing around $108.10 per barrel. Futures last Friday rose 29% as the US dollar in turn weakened, although crude is expected to drop unless the US announces programs to provide cheap money or violence prevails in the Middle East.

The S&P GSCI Energy index current value is at 731.44, where the index gained 5.82 points on the daily basis, while the RJ/CRB commodity index dropped 0.16 points to trade at 360.73.

OPEC Organization:

The Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, rose to $113.36 a barrel Friday, compared with $111.42 a barrel that was reported a day before.