Typically, second-quarter demand for crude usually declines, so if OPEC doesn't cut supplies, it will add to the already bearish fundamentals.
We might see a bigger drawdown than the market consensus. I expect refining rates to have gone up last week.
We should see a retreat in prices after the US inventory data is released. That's because I expect a significant build in crude, in the range of five to six million barrels.
What Bush said was very important because prior to his speech, prices were rising on comments from Iran.
Yes, there is less supply in Nigeria but that is not enough to cut into oversupply.
Yes, there is less supply in Nigeria, but that is not enough to cut into oversupply.
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