The market has met some resistance at this level. Investors are taking profit after the rally and the entire commodity complex including metals is down. It might drop to $70 and then people may come in to buy then.
The market sentiment now is much more nervous.
The Iranian situation isn't going away. There are dangerous comments coming out of Iran on their nuclear testing and that will keep oil high.
It seems to be a very crazy market. People worry about gasoline and crude oil supply.
At some stage, I think Iran will use its oil as a weapon to negotiate with the U.N. and the U.S., which would push up the market -- although they are unlikely to stop exports altogether because they need the money.
The conversion is proving to be difficult. The U.S. has a problem with ethanol supplies because they are limited right now.
Traders are most concerned about the Iranian issue, as the situation appears to be getting worse.
Everyone's just looking at Rita.
The oil market is now down because most people are taking profits after seeing a sharp increase last week.