Yesterday's rally was based on a number of factors. There was some financial geometry in there as well. It was an options expiry day on the New York Mercantile with a rising market. That gave it a little more oomph than it needed. Now that oil's flowing, prices are coming back in line.
More Quotes from Peter Gignoux:
OPEC should be terribly pleased. Its income has gone up mightily last year and this year.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
The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about 42 a barrel,
Peter Gignoux
By having a diplomatic meeting, they're ratcheting OPEC up one notch from a producers' cartel to a quasi-diplomatic organization. It's a rare occurrence.
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
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Based on Topics: Finance QuotesBased on Keywords: expiry, mercantile, oomph
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