Oil Has Topped

Quote from claywilk:

As long as the tensions between Saudi and Iran are on the surface as they are now, AND the confrontation remains in Iraq/Lebanon/Syria, the forecast should be for pumps running overtime and production limits a thing of the past. Iran in particular is probably gearing up to sell as much as possible in the short run. Knowing this Saudi will probably follow suit trying to get their share of higher prices for as long as they last. Just my notion.
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A cease fire in Israel should be a stabilizing factor if anything allowing the multinational dealers to work with Saudi and Iran. The fall in oil I was looking for was short lived. My guess is it ranges until there is some new development in the Saudi/Iran struggle. 50% retrace of ground lost since Bin Ladens call for Sunni on Shiite violence?
 
good cover ... OIL higher late in day I guess on short covering

which reminds me ... do not trade QM late in day on fridays
with front month about to expire !

:p
 
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