OPEC and inventory data should put downward pressure on prices later today.
We should see a retreat in prices after the US inventory data is released. That's because I expect a significant build in crude, in the range of five to six million barrels.
The situation in Nigeria is likely to remain volatile for some time. Prices should rise because of disruptions in supply.
Prices haven?t fallen by much because of the heavy refinery maintenance seen around March, which still raises some concerns over supply particularly for gasoline.
This being the last day of the week I expected prices to come down on profit-taking.
Slower growth in producer prices makes China's exports more competitive, which means the nominal exchange rate can be allowed to appreciate without hurting exporters.
Gasoline prices rose and pulled everything else higher.
The geopolitical risks are still there. Because of these risks, I expect crude prices to rebound.