In the short-term, it is all about geopolitical drama.
More Quotes from Victor Shum:
State-owned enterprises have perhaps more options than international oil companies. Without shareholders, they can go places that might not be politically acceptable.Victor Shum
The market is showing signs of upward buying and is really extending gains from last week. The focus is on the supply disruption, primarily out of Nigeria.
Victor Shum
The downward close on Thursday was due to the warmer weather forecast ... and today the market is correcting (that) so it's gone back up a little.
Victor Shum
This morning the market is continuing its momentum ... from the response to the inventory report from the US.
Victor Shum
Today the market seems to adjusting downward because all the upward surge over the past few days was a little overdone.
Victor Shum
The traders are simply taking profits. They want to lock-in their gains before the inventory report comes out on Wednesday.
Victor Shum
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