What the market has found is that the $68-level has a rather strong resistance, and so the contract is now retreating slightly on profit taking.
A lot of the price rise is due to geopolitical concerns fuelling speculative interest.
The market is well supplied with both crude and products.
The market is showing signs of upward buying and is really extending gains from last week. The focus is on the supply disruption, primarily out of Nigeria.
The market is reacting to the tropical storm in the Gulf of Mexico which could affect platforms and refineries,
The market is reacting to some rhetoric regarding the Iranian situation.
The market is on edge; it's looking for directions. There's a lot of volatility now, which is characteristic of a tight supply situation.
The market is holding its breath, waiting for the inventory figures.
The market is focused on the fact that the market is well supplied - both in products and in crude - while the Iranian situation stays in the background.
It is part of China's efforts to avoid becoming too reliant on any one energy type and to diversify sources of supply,
