US dollar not geopolitics steering are oil prices says Olivier Jakob of Petromtraix. "Ten days ago, the BTC pipeline was on fire, bombs were falling on Georgia, the US stocks were reported lower than expected but the price of oil was moving down," he says. Meanwhile prices moved higher despite repairs to the BTC pipeline, subsiding of conflict in Georgia and an increase in US crude stocks. "The difference between then and now is of course the directional move of the Dollar Index and asset allocation linked to it." Nymex October light, sweet -53c at $120.65/bbl, ICE October Brent -55c at $119.61/bbl. (NHE