“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 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.”
“At some stage, I think Iran will use its oil as a weapon to negotiate with the U.N. and the U.S., which would push up the market -- although they are unlikely to stop exports altogether because they need the money.”
