I don't expect it will come down very much further. What we've seen over the last couple of years is if there's any meaningful sell-off, people buy the dips aggressively.
More Quotes from Bruce Evers:
You write off Iran at your peril. They're perfectly capable of turning round and doing something unexpected.Bruce Evers
Demand is growing, and we still have uncertainties in Nigeria, and the ongoing situation in Iran continues to worry. The sentiment is still very positive and the market in a very bullish mood.
Bruce Evers
If they think there is oil and gas there then they absolutely can't ignore it. If there is going to be an Arctic Klondike rush then they will want to be there along with every other Tom, Dick and Harry. They can't afford to sit and watch the others explore and come up with some huge discoveries.
Bruce Evers
It's still fears over further disruptions in Nigeria, and the Iranian situation continues to bubble underneath the surface. Whatever OPEC says, the market is unlikely to pay much attention. They lost control of the market last year, and to cut production with oil near 70 would be irresponsible.
Bruce Evers
If (UN) sanctions were to be imposed on Iran, the president is perfectly capable of cutting back or stopping exports to cause the West real pain as there would be an enormous spike in prices.
Bruce Evers
Companies haven't assessed the damage fully and it may be that refineries stay shut for months. The European Union is moving crude and products to the U.S., but at some point it's going to have to replace that, leading to higher demand in a marketplace that is already very tight.
Bruce Evers
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