What's Moving the Oil Markets?

What's Moving the Oil Markets?
•IPE Brent crude futures drifted lower Monday from fresh all-time highs, with traders attributing the fall to a bout of profit-taking. Soon after the start of electronic trading on ICE Futures, the June IPE Brent futures contract traded at an all-time high of $74.76/barrel before drifting lower. go higher later. said. •In Nigeria, militants operating in the oil-rich Niger Delta have ripped through a Royal Dutch Shell pipeline carrying condensate from oil fields in the region, a company spokesman said Monday. Militia groups responsible for cutting off nearly a fourth of the country's oil output of 2.4 million b/d have insisted Shell pay them money to end hostilities in the delta region.
•Meanwhile, Kuwaiti oil minister Ahmed Fahed al-Sabah said Sunday that geopolitical concerns were adding not less than $10/barrel to the price of oil and that he would ask OPEC to put its spare capacity at the market's disposal when ministers meet informally in Doha on Monday. Saudi Arabian oil minister Ali Naimi, however, said Monday that oil markets did not need more crude because inventories were high and oil prices were being influenced by global tensions and not fundamentals		.

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