Crude Oil Futures Are Caught In A Conundrum

Oil as a weapon: Crude Oil futures are caught in a conundrum. First, Oil and Gasoline stocks in the US are at the highest levels in nearly seven years, as high prices have finally helped to curb demand. However, prices refuse to stay below $60 per barrel, as political concerns in Iran and Nigeria have traders fearing possible supply disruptions. Just yesterday, Iranian Foreign Minister Manouchehr Mottaki said that Iran "will not use Oil as a foreign policy instrument", but later cautioned that Iran could use its role as the number two OPEC Oil producer as a political weapon if the UN imposes sanctions on the country for its nuclear ambitions. Read More...