What's Moving the Oil Markets?

What's Moving the Oil Markets?
•The price of IPE Brent crude futures in London continued to fall in trading on Friday due to concern over Chinese crude demand following a hike in interest rates and a further bout of profit-taking ahead of the weekend. •Thursday's announcement by the People's Bank of China that it will raise it's benchmark one-year lending rate by 27 basis points to 5.85% could potentially reduce demand for energy and other commodities needed to feed China's fast-growing economy. It is the first rise in interest rates by the People's Bank of China since October 2004.
•That impact may have been muted, however, by comments from US Central Bank Chairman Ben Bernanke Thursday suggesting the US Federal Reserve Board might soon end its recent string of consecutive rate hikes. •Later Friday eyes will be on a report due out from UN nuclear chief Mohamed ElBaradei, which is expected to state that Iran has failed to meet a UN deadline to stop enriching uranium and opening the door to possible sanctions against the country.

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