What the market has found is that the $68-level has a rather strong resistance, and so the contract is now retreating slightly on profit taking.

The market is on edge; it's looking for directions. There's a lot of volatility now, which is characteristic of a tight supply situation.

Nobody knows what to expect next. That's why the crude market is apprehensive.

The bin Laden tape has caused a knee-jerk reaction on the part of the market.

Once the psychological level of 70 dollars was breached, there was momentum which spurred fresh buying. Passing the 70.85 dollar level is inevitable.

With lingering concerns over Iran, Nigeria ... the market is correcting upwards because it is focusing on fears in the geo- political realm.