Nigeria and Iran are the main driving concerns ... the correction in the market today is likely to be limited because of lingering supply concerns.
More Quotes from Victor Shum:
The downward close on Thursday was due to the warmer weather forecast ... and today the market is correcting (that) so it's gone back up a little.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.
Victor Shum
In the short-term, it is all about geopolitical drama.
Victor Shum
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.
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
Today the market seems to adjusting downward because all the upward surge over the past few days was a little overdone.
Victor Shum
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