| Yesterdays price fall is attributed to the rise in stockpile levels in the USA. At 10.35am EST the news was released that there was more unused oil in the USA than there was a month ago. Oil dropped 6$ in 4 minutes. Therefore the price that the whole world pays for oil fell on one small piece of data. We have to realise that America is not the whole world and stockpiles in America dont affect demand in Brazil, Russia, India and China in a big way.There is some gossip around on the net that that Con. Rice has carved out some king of secret deal with the Iranians over their nuke program and missile testing. I dont have a link for this as I've only seen it on blogs, but reduced tensions in that region might see prices fall below the current support level of 130 and back towards 105. |