•IPE Brent
crude futures nudged below $72/bbl as a bout of fund selling ensued, but
prices were expected to remain firm as geopolitical events provided a strong
undercurrent to the market.
•Brokers remained convinced that any
dip in the market was there to be bought and expected a revival once the
NYMEX opened later in the day. The uncertainty about Nigerian oil supplies,
the ongoing crisis in Iran and a fresh row over royalty payments in Chad,
which threatened oil output, have all helped push up prices beyond the
$70/barrel level and to hit fresh all-time highs.
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