Problems in
Cyprus
,
where a bailout deal has yet to be reached, could push crude oil futures
further down, says Filip Petersen of SEB Commodity Research.
"From an oil
market perspective, we see [
Cyprus
]
pushing oil down to $105, and at that level it would be a good point for buyers
to enter," he says. This slump and a resultant bounce could happen
"within weeks", he says.
ICE Brent for May delivery is down 15 cents,
or 0.1%, at $107.32/barrel. Nymex crude for May delivery is up 17 cents, or
0.2%, at $92.62/barrel.