USO pops into resistance on news from Libya

Oil hit a high of $94.49 today as protests and riots in Libya escalated overnight. There were reports of the Libyan leader, Moammar Gadhafi, using gunplanes and warships on protesters.

Libya is the third-largest oil producer in Africa and 12th-largest oil exporter in the World. The IEA reports that about 50,000 barrels of daily oil has already been shutdown.

As mentioned before expect more social unrest. There will be more protests coming in Northern Africa, the Middle East, and beyond.

I'm expecting $100 oil in the near-future. $100 is also good resistance. If $100 doesn't hold look for a move to $110 on crude oil.