Oil prices rebounded in the first quarter of this year with Brent crude reaching over 60 dollars per barrel, following a temporary dip to around 55 dollars per barrel in November last year1, as geopolitical issues in Iran and Nigeria, coupled with cold weather in Russia and cyclones in Australia, curbed crude supply. Nonetheless, compared to the extremely tight market condition in the immediate aftermath of Hurricanes Katrina and Rita during September 2005, current oil market conditions are somewhat more subdued. .
