It has been revealed in a recent report that the U. S oil price has extended the rally of 3.2%. Crude oil standing for Asia comes with mixed views for now. This has come after the report that came about the reversal of the Seaway Pipeline. This was inspite of the crisis in the Eurozone having kept a few major buyers at bay.

In recent figures, it was revealed that oil per barrel price was at $102.67. These figures did see an upturn in the electronic session of Globex which made it to be $0.08. There was a fall recorded in the fuel levels of London's ICE Futures, which stood at $111.76 with $0.12 fall.

There are all sorts of pressures on the oil market due to the impending recession across the world, as a result of the debt crisis being faced by the Eurozone. It was revealed that many investors thought it was better to lie low in such conditions, and they don't make any major moves in recent times.

It was revealed by a trader from Mumbai that the demand of oil in US is better than what is seen in Asian markets right now. It is however currently unavoidable to overlook the impending dangers due to the debt crisis in the Eurozone, and it's a matter of time before things will fall apart, if effective measures are not taken by the authorities.

"The pipeline reversal plan doesn't come as a big surprise to be honest, because that's simply how supply and demand works. Excess cheap oil in the Midwest will be much better off in the Gulf coast region", revealed a sales trader from the S-oil firm.