Peter Gignoux High Quotations

The market simply thinks that there's not enough oil on the market and is theorizing that were going to see continued high levels of consumption.

What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.