Tobin Gorey Oil Quotations

Nigeria?s escalating problems though are boosting prices too. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around 3 percent of global oil output.

Nigeria's escalating problems ... are boosting prices. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around three percent of global oil output.

But if Iran withdrew, that would leave a substantial gap in the market. In any case, the oil price is likely to remain high because global demand is so strong.

The next important meeting for the oil market will not be OPEC but the International Atomic Energy Agency.

The Iran-U.N. row and potential for economic sanctions reminds us that geopolitical situations remain a key factor in giving support to oil prices.

The fall in prices is modest...No one is willing to assume Iran will never use oil as a bargaining chip.

Iran and Nigeria are providing a double disruption to the crude oil market, emphasizing that the oil market remains in no condition to play a man or more short.

I think the oil market is in for a period of consolidation for a few days.