Oil's too Rich

With games just 30 days away, China can heave a sigh of relief as far as her raw and crude needs are concerned. After a fortnight of ruthless display of pomp and power, China may give a chill to its monstrous demand for oil in order to quell the rising inflation, which is posing a major threat to the world economy.

Also, Bertha poised to give a wide berth to LOOP and G8 instilling some trust in the air (by cutting carbon) and Iran looking malleable- all indications for Crude oil to sink to its last support level in near future forcing speculators to take a 'U' turn back to equity markets.

If it happens, we may see some passivity haunting tanker market in short term.