Oil prices dipped half a dollar as many traders looked to book profits, speculating that the previous price rally was an over-reaction to concerns that Iran could use oil as a weapon against the U.N..
More Quotes from Matthew Parry:
Prices have been supported by the ongoing geopolitical concerns (particularly Nigeria), colder weather and higher gasoline prices (which are rising on the changing U.S. petroleum-blending specifications).Matthew Parry
Although we had previously been predicting falling mid-year oil prices, all bets will remain firmly off until a clearer picture emerges with respect to Iran.
Matthew Parry
It has been clear for a long time now that any such event would send prices skyrocketing given the world's current lack of spare capacity.
Matthew Parry
Gold continues to rally on continued U.S. dollar weakness, a trend I expect to continue over the next week.
Matthew Parry
Despite our belief that crude prices will slowly trend down over the remainder of the year, further escalation in the U. N.-Iran standoff could quite conceivably send oil to a new record above 70.
Matthew Parry
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