It's just profit-taking, the market needed to correct.

Even if there is a stock draw, unless it is substantially and unexpectedly high, I would not expect prices to go up above $60 as the near-term market is still heavily weighed down by high inventory levels and the warmer weather.

It's a crazy market. Prices look strong one week because of the draws (declines) in gasoline. If we get another big draw this week, the market will be even stronger.

The market is highly sensitized to headlines that could affect supply. Anxiety over supplies and possible disruptions are the key drivers of price now. It's hard to be bearish in a market like this. Levels came off the record high mainly due to profit-taking because prices went up too quickly. But $65-$70 seems a very distinct possibility as we approach winter.

Iran's nuclear plans will continue to pose a threat. It may shun foreign investment in its oil facilities.

There is a high probability of further disruptions in Nigeria as we haven't seen the end of the attacks.