It's a lingering fear in Nigeria, so even though it is sort of old news, the market is concerned about it.
More Quotes from 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
This morning the market is continuing its momentum ... from the response to the inventory report from the US.
Victor Shum
Expect volatility in the short term and the market will attempt to react to news with an upward bias.
Victor Shum
There's not a whole lot of movement in the market today. I think the crude market will watch for the two meetings this week.
Victor Shum
Natural gas pricing is an immediate telltale sign of the winter situation it is fairly mild, and this is likely to impact heating oil and crude demand as well.
Victor Shum
Nigeria and Iran are the main driving concerns ... the correction in the market today is likely to be limited because of lingering supply concerns.
Victor Shum
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