Oil Prices Surge

Oil prices advanced this morning during the Asian trading hours even after the American Petroleum Institute (API) announced more than predicted accumulation in crude inventories.

U.S. crude stockpiles jumped 4.2 million barrels last week, according to data from API.

Presently, oil trades at $ 53.66, which is an incline of $0.14 or 0.27% from the previous close of $53.52.

The daily range is from $53.52 to $54.08, while the trading volume is 65.748K.

Moreover, many estimates state that the Energy Information Administration (EIA) will report a surge of 2.5 million barrels, due tomorrow.

In addition, there are some ceasefire attempts in the Libyan civil broke down after the Libyan National Army destroyed a Turkish ship in the Port of Tripoli.