More than 50 percent on average of all these indexes is in oil and refined products. It's having a massive impact on the markets.
More Quotes from Frederic Lasserre:
This is profit-taking ahead of the weekend.Frederic Lasserre
The incidents in Nigeria are happening at a time when geopolitical events seem to be happening at a near-continuous rhythm such as production problems in Iraq, tensions in Iran and in Venezuela. It's a long list and it fosters a climate of very volatile oil markets.
Frederic Lasserre
Even if Tehran can not afford to cut for long its exports of crude, which represents 80 percent of its foreign currency earnings, such an action would drive up prices and seriously hurt the economies of those countries which are calling for sanctions.
Frederic Lasserre
Clearly that's a possibility. Iran has been so aggressive ... and has repeated several times very aggressive comment... Of course the market is very sensitive.
Frederic Lasserre
News coming in over the weekend that some production facilities might take longer to recover than originally expected is lending a slight bullish tone to the market, but this may disappear during the day,
Frederic Lasserre
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