Oil Prices Remain Under $68 Per Barrel

Forbes online is reporting that oil prices are holding below $68 per barrel as assurances came from Saudi Arabia that it will pump extra oil if needed. These assurances temporarily outweighed concerns about supply disruptions in Nigeria and mounting tensions over Iran's nuclear ambitions.

Prudential analyst Jim Ritterbusch was quoted in the report as saying: "The market is beginning to realize that the Iran nuclear issue could be a very long-term pricing influence rather than a near-term explosive item." Meanwhile, Barclay's Capital analyst Kevin Norrish said: "The idea that Saudi Arabia can fill the gap that may occur in Nigerian production is difficult since Saudi crude is not the same type of crude as Nigerian crude."