Iran's oil minister has said that oil exports would not be used a s a bargaining chip, but that possibility must be considered, particularly if tensions escalate.
More Quotes from Michael Fitzpatrick:
There has only been a month's reprieve granted in addressing Iran's nuclear ambitions.Michael Fitzpatrick
The weather will be more seasonal over the next week but it will take much more than that to put a dent in supplies.
Michael Fitzpatrick
At this time of year, it is hard to imagine prices running to far away, particularly with the huge amount stored.
Michael Fitzpatrick
The weekly inventory numbers caught the market by surprise again. The unanimous UN decision demanding Iran stop nuclear enrichment probably rekindled concern that Iran will use oil as a political weapon.
Michael Fitzpatrick
Relatively moderate weather, ample supplies and an escalation in the dispute over Iran's nuclear program should make for another week of high volatility. Absent geopolitical uncertainty, prices should be moving lower.
Michael Fitzpatrick
Crude inventories are at extraordinarily high levels, due in part to a steady flow of imports in recent months, giving the market a thick buffer against potential supply disruptions.
Michael Fitzpatrick
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