Iran has separated the nuclear issue from the oil-export issue and seems to have ruled out retaliatory action. That may change, but what they're saying now should be having some soothing impact on the market.
More Quotes from David Thurtell:
Peak demand for winter fuel in the northern hemisphere is what is going to be driving oil prices in the fourth-quarter.David Thurtell
There's just been too much disruption to too many parts of the whole supply chain. There's a worry that it's going to take longer to get things back.
David Thurtell
I think this demand-destruction idea is being a bit overdone at the moment. The stocks numbers were very bearish, but I think that it's still difficult to read through a lot of this data noise.
David Thurtell
The worry is that if prices come off a bit, demand will rebound and we've still got to deal with the Northern Hemisphere winter.
David Thurtell
While Iran said last week that it would separate nuclear and oil as issues, it was only last year that it warned that oil could be used as a weapon to get its own way on the nuclear issues.
David Thurtell
People are reacting to these higher prices.
David Thurtell
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