Besides the fundamental supply and demand information, prices are driven by the emotional momentum of the Iranian issue.
More Quotes from Victor Shum:
It forces the oil refineries to subsidize fuel so consumers in China don't feel much of the pain of high energy prices.Victor Shum
I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.
Victor Shum
Expect volatility in the short term and the market will attempt to react to news with an upward bias.
Victor Shum
In the short-term, it is all about geopolitical drama.
Victor Shum
Some of the commodity investors went back into the market with the Iranian issue still looming as a worry.
Victor Shum
This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.
Victor Shum
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