OK the "profit taking" is done...now it's time for oil to make a run at $80 again.
This is a market that has to mind it's internal "housekeeping" and "mechanics." But the market has not run into any fundamental challenge to $100 oil yet.
These temporary pull backs in oil, based on market mechanics, are certainly something the broader market can ignore.
Fortunately, the Arab and Muslim oil states in the middle east are still "shocked and saddened" by the Israeli aggression against Lebanon...
Soon however I would expect them to regain their composure...and under pressure from the enraged "Arab Street"...start expressing their dismay in the oil markets.
If peace and sanity are not restored soon...an oil embargo...could be the way calm is restored in the region...
After all, Israel has the US supplied weaponry...but the Muslims have the oil!
I say it's a standoff...
