Suddenly the fears for a supply disruption in Iran are postponed until after the elections in the US. Even the extra demand from post nuclear Japan are not helping anymore.
is producing a lot more to sell some oil at high prices. They say they want to keep the oil prices above $100, but that is a too high price now the euro and other currencies are weak: in the eurozone one pays almost as much for oil in euro’s as in 2008 and that is not in line with the smaller Eurozone economies of today. Saudi Arabia
the production is rising (but less than promised). This is made undone by lower production in Iraq . Iran
The oil inventories for trade in the US are starting to get too big and that is also not good for a higher oil price.
Also the positioning on futures markets is not positive: speculators are selling their too high positions.