This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.
More Quotes from Victor Shum:
Some of the commodity investors went back into the market with the Iranian issue still looming as a worry.Victor Shum
They must have worked out some agreement between them to resolve the pricing dispute.
Victor Shum
A lot of uncertainty remains in how the Iranian situation will work itself out. There is some concern in the Asian market on whether Iran is a reliable supplier.
Victor Shum
Here's the concern. We're heading into the last quarter of the year, the winter peak demand season. Energy costs for consumers and industries certainly will be high.
Victor Shum
At the end of the day, physical asset acquisition is going to give banks more leverage over their trading positions.
Victor Shum
With all these events in the Middle East, prices hit the psychological level of 70 (dollars) and settled above it.
Victor Shum
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