As more US dollars are being put into circulation, that is raising the price of gold, says David Lennox.

'Traders pricing a lot of moving parts in their forecasts'

If OPEC, US do not cap production, there would be considerable pain for oil prices, says Lennox.

We have a range of $74-84 for the calendar year and even that looks far off, says Lennox

If countries like India are allowed to import from Iran, then market will continue as normal, says Lennox

Don’t read too much into Khashoggi event, says the Fat Prophets research analyst

“With Iran sanctions, 2 million barrels of oil will go out of the supply chain.”

End of year price estimate for Brent is still in $74-$84 range, says Lennox.

“Significant improvement in demand is being forecast coming into the summer period in the northern hemisphere.”

“Synchronised economic growth provides a very good tailwind for broader commodities”

“There has been no mention at all of either oil or natural gas in tariff notifications.”

Iraq and Libya are already starting to stretch their production.

The markets are now getting concerned that US production is again on the increase.

“History is against OPEC coming out with any decision and then sticking with it as we have seen time and time again”

“The 700,000 barrel cut that they suggested is in the middle of no man’s land as the surplus we is about 1 million barrels.”

We will need to see some action on the supply side to actually rein in a production deficit of 1.5 million barrels of oil a day, says Lenno...

That is what is driving the prices of the crude up. Don't forget that the US is still the biggest consumer of petroleum products.