What the market has found is that the 68-level has a rather strong resistance, and so the contract is now retreating slightly on profit taking.
More Quotes from Victor Shum:
It forces the oil refineries to subsidize fuel so consumers in China don't feel much of the pain of high energy prices.Victor Shum
There's not a whole lot of movement in the market today. I think the crude market will watch for the two meetings this week.
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But then the storm reloaded over the weekend, gained strength and set on a path toward the oil facilities, ... The people who sold on Friday are probably kicking themselves now.
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The current Iranian developments, though they will not cause any immediate disruption to oil supply, have caused some anxiety on the part of traders.
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