mitigated some of the upward pressure on crude oil prices.

Given OPEC's decision to keep quotas unchanged, Iranian guarantees of oil supply and U.S. statements excluding the possibility of oil sanctions, crude is poised to fall next week.

I think it is easily conceivable that we could see crude futures hit $70 this week.

A further deterioration of the situation in Nigeria, or escalation of nuclear brinkmanship with the Iranians, could push the (New York) price of crude further to 70 dollars.