What's moving the oil markets?

•IPE Brent crude futures on Wednesday were slightly down ahead of the US stock data due out later today, on a small bout of profit-taking but ongoing bullish factors from Iran and Nigeria continue to support the market, brokers said.
•Analysts polled by Platts are expecting a further build in US crude stocks of 1.9-mil barrels. "Crude stocks should indicate a small increase due largely to an expected rebound in imports of 100,000 to 200,000 b/d," energy consultant Jim Ritterbusch said in a report. A 2.7 million barrel decline in gasoline stocks is also expected.
 
•A senior OPEC delegate Wednesday said OPEC does not need to cut its 28 million b/d ceiling as things stand and there is no need to take any action on the downside for the rest of the year. "As things stand, on the downside, it doesn't look like there is anything," the delegate told Platts.

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