Ultimately, a battle for market influence between geopolitical factors and the flow of U.S. data is likely to be settled in favor of the former.
More Quotes from Kevin Norrish:
With global inventory still at extremely low levels and particular concern over low product and crude oil inventory in the U.S., there is little obvious sign of any significant weakness.Kevin Norrish
The 6.0-dollar rise in prices over the past three weeks seems to have been enough to rule out the possibility of an output cut this week.
Kevin Norrish
Whilst the immediate impact on European energy prices has been negligible, the dispute has served to emphasize the dependence of Western Europe on Russian gas supplies and the issue has the potential to keep European gas consumers on edge for some time.
Kevin Norrish
The peak period for hurricanes is usually from August to September, so the oil market is concerned about the risk of weather-related production losses over the coming weeks.
Kevin Norrish
The concern over gasoline availability coming into the second quarter is helping to keep crude oil markets relatively firm.
Kevin Norrish
The price is definitely going to 65 a barrel. That's not an earth shattering call to make now.
Kevin Norrish
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There is no progress whatever. Everything is just the same as it was thousands, and tens of thousands, of years ago. The outward form changes. The essence does not change.
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