What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.
More Quotes from Peter Gignoux:
What we're partly faced with is a temporary aberration. But even if we fast-forward to tomorrow after the contract change we're still at 30 a barrel - which is about 10 percent above the year's average.Peter Gignoux
I would expect that they'd steer clear of the oil installations. They're fundamental to the oil-for-food process,
Peter Gignoux
The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about 42 a barrel,
Peter Gignoux
Certainly the producers that I have talked to are worried about the second quarter. They see demand tapering off and the prices moving lower. This thought process could be a driver at the meeting.
Peter Gignoux
There are reports that all Iraqi exports are running normally. If the worry was that Iraqi exports would cease and they haven't, then there is nothing to worry about.
Peter Gignoux
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Based on Topics: Actions Quotes, Morning QuotesBased on Keywords: fluctuations, opecs, squaring, year-end
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