Crude oil futures faced correction on Tuesday’s Asian trading session as the Gadhafi’s opposition forces continue to acquire land in Libya and have decided to resume crude oil exports.

Crude oil future contract for May delivery dropped $0.08 to $103.91 per barrel in Asian trading session of New York Mercantile Exchange. The contract declined 1.4 percent on Monday’s trading session after the news of more captured Libyan oil reserve by rebel forces.

Analysts from MF Global commented, “Libyan rebels are now setting up procedures to start selling oil without the penalty of sanctions,” they further added, “A more defensive tone will likely set in over the course of the next few days given the gravity of the Japanese situation and the continued gains [Libyan] rebels are making.”

Considering the current global situation and political risks in Middle East analysts are expecting that crude oil prices would remain under pressure and decline below $100 per barrel. Experts project that crude oil futures contract is likely to find support around the level of $90 to $95 per barrel.

Among other commodities natural gas future contract for April delivery dropped 1.8 percent of $0.07 to $4.29 per million British thermal units while natural gas May delivery future contract slipped $0.08 to $4.36 per million British thermal units.

Gasoline future contract for April delivery also remained bearish and slightly declined to $3.03 per gallon on overnight trading. Heating oil future contract for April delivery also fell less than a cent to $3.02 per gallon.