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

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.

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.

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.

Iran and Nigeria are uncertainties that hang over the market and can change the fundamentals very quickly.