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(From CEOWire)
Byline: Joe Kernen,
JOE KERNEN, CNBC ANCHOR: And let`s get a quick check on oil. Yes. Coming back. It was down almost a dollar through most of the morning. Now down about 48 cents. On the phone from his trading floor, Phil Flynn, Alaron Trading.
First up, Phil, it has come off its weaker levels. Just what was the thinking initially, the knee-jerk reaction to sell crude on this news?
PHIL FLYNN, SENIOR MARKET ANALYST, ALARON TRADING: The bottom line is if they thought there would be a potential dramatic drop down in crude oil demand and jet fuel demand. That is the initial thinking, but because this attack was foiled, the likelihood of that drop is a lot less, mainly because we have become a lot more accustomed to these type of threats and we don`t think it will have a negative impact on consumer confidence or even travel plans. So we think it will bounce back quickly as long as nothing else goes wrong.
KERNEN: I`m sure that people have their finger on the trading button, though, at this point. Because it is -- you know, it is still early. Twenty-one -- ...