The statement fell short of an outright denial, leaving market fears free to grow.
More Quotes from Kevin Norrish:
Under the wrong circumstances, you could easily see 80 being broken or even higher than that. Any major loss of production is going to give us another major push up.Kevin Norrish
My impression is that the price action is more to do with the data flow.
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The ability of the Nigerian government to guarantee security within the Niger Delta appears to be limited at this point in time.
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After such a slow 2005 for Chinese oil demand an acceleration in growth looks highly likely in 2006 and this will exert further pressure on oil supply and prices.
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The strikes may further constrain Europe's already limited ability to export product across the Atlantic.
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If you start to layer in people's concerns and anxieties about what's happening in various parts of the world, there is a strong chance we'll have another test of the all-time highs, quite possibly sooner rather than later.
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