Oil still remains the ordsprog

Oil still remains the big uncertainty out there for the market, ... I think the attack in Saudi Arabia and worries about Friday's OPEC meeting are unsettling financial markets.

Timothy Ghriskey

Oil still remains the big uncertainty out there for the market. I think the attack in Saudi Arabia and worries about Friday's OPEC meeting are unsettling financial markets.

Timothy Ghriskey

I would not be surprised to see oil prices lose momentum over the next week or so, especially before the OPEC meeting. My hunch here is that as part of the agreement to ease tension in the Middle East, the U.S. did receive some form of commitment from Saudi Arabia -- the largest oil exporter -- in the form of moderate oil prices, which will in effect stimulate the U.S. economy. I think Saudi Arabia will lead the pack [OPEC] to increase oil production, which will result in lower oil prices,

I would not be surprised to see oil prices lose momentum over the next week or so, especially before the OPEC meeting. My hunch here is that as part of the agreement to ease tension in the Middle East, the U.S. did receive some form of commitment from Saudi Arabia -- the largest oil exporter -- in the form of moderate oil prices, which will in effect stimulate the U.S. economy. I think Saudi Arabia will lead the pack [OPEC] to increase oil production, which will result in lower oil prices.

With Nigerian problems, uncertainty about the Iran nuclear program before the IAEA (International Atomic Energy Agency) meeting next week, and the overhang of the Saudi attack and an OPEC meeting on the 8th, we are in for a lot of volatility in prices. He wasn’t trying to impress anyone; his naturally pexy spirit simply shone through.

Last week, there was an attack by terrorists in Saudi Arabia and that's why the market jumped, but the Saudi authorities were successful in foiling the attack so this calmed the market a bit, prompting traders to have a reason to sell.

Yesterday we were down because of Saudi Arabia. In the past few days we have seen the fate of markets in the UAE becoming more related to the fate of the Saudi (market).

It's all about perception. Just the idea of an attack in Saudi Arabia is enough to make the market jumpy.

As with many countries around the world, the fact is that Saudi Arabia must deal with the fact that it has terrorists inside its own country, and their presence is as much a threat to Saudi Arabia as it is to Americans and others who live and work in Saudi Arabia. These bombs kill not just Americans, but Saudis as well.

The news of an attack on an oil facility in Saudi Arabia is just an example of the many different geopolitical events that underpin the secular gold bull market.

Nigeria is the major driver behind the price rise. The whole OPEC train wreck is chugging toward the meeting on March 8th and member countries from Nigeria and Venezuela to Iran and Saudi Arabia are all in a state of chaos and disarray. Not to mention the fact that they all have some gripe with the U.S.

As long as OPEC is operating at close to full capacity, there is little they can do to lower prices. Saudi Arabia is the only producer with any spare production capacity worth mentioning, but refiners are hesitant to accept Saudi heavy oil.

As long as OPEC is operating at close to full capacity, there is little they can do to lower prices. Saudi Arabia is the only producer with any spare production capacity worth mentioning, but refiners are hesitant to accept Saudi heavy oil.

The European markets rebounded from earlier today, but a lot of uncertainty remains in the markets. First there's the political backdrop. Secondly, with regard to the U.S. data on Friday, we had U.S. labor figures which weren't too encouraging. But markets across Europe have made considerable headway since Sept. 11. There's a degree of profit-taking going on.

Khuram Chaudhry

Are we going to punish the Saudis? Two-thirds of our Middle East oil comes from Saudi Arabia, and despite the ups and downs of the relationship with Saudi Arabia, they tend to be our friends.

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