We need confirmation of heating oil demand. People will be watching that figure when the report is published.
People are just waiting for a chance to buy ahead of Christmas. At the US$58 level, it's a good time to buy back.
The supply of oil is still ongoing; most people feel there won't be a disruption, so they're taking profit now, especially after Friday's sharp increase.
People don't like to take any position before Christmas. Most people are thinking prices will be sustained at this level for the time being.
The oil market is now down because most people are taking profits after seeing a sharp increase last week.
It seems to be a very crazy market. People worry about gasoline and crude oil supply.
It looks quite unlikely that Katrina would affect the Gulf of Mexico facilities, and that's what's bringing the price down now as people start to take profits.
The economy seems to have completely absorbed high oil prices and people will be looking for steady economic growth next year. People expect a drawdown in crude oil stocks so they don't want to be short over the New Year.
The market has met some resistance at this level. Investors are taking profit after the rally and the entire commodity complex including metals is down. It might drop to $70 and then people may come in to buy then.