Most likely the market will test $70 again because we have not seen improvements in Iran and Nigeria.
The market has dropped because of forecasts for higher temperatures. People are buying and selling based on weather forecasts.
The market is reacting the most to the gasoline waiver in Bush's outline, which is expected to increase the motor fuel supply in the States.
The market is focusing on weather, which is softening product demand everywhere in the Northern Hemisphere, not just the U.S. Northeast.
Now the market is nervous about a new storm, while supplies are tight and oil facilities have not fully recovered (from the last hurricanes).
Asian players are refraining from being active ahead of jobs data, which is causing the market to be range-bound, but copper will be supported after yesterday's news on China's tax hike.
The build is quite huge, and that's having an impact on the market today. OPEC has no reason to cut production as long as prices remain near $60.
Iran and Nigeria could both be big problems. If Iran is punished with sanctions, then the market will go much higher.
We have an excess of oil supply, and if there was no Iran case prices would drop sharply. Iran underpins the market prices.