What's Moving the Oil Markets?

What's Moving the Oil Markets?

•ICE Brent futures in London continued to surge upwards on Friday as the development of Tropical Storm Debby was closely monitored in the southeast Caribbean, brokers said. "Traders and funds are acting on the arrival of a few bullish elements in the market but I think it's only a short term buy because a lot of the fundamentals are bearish," said one London-based broker.

•On Thursday news that BP had cut a further 90,000 b/d of output at the troubled Prudhoe Bay field on the Alaska North Slope pushed the price of October Brent up 66 cents.

•Debby, the fifth tropical depression of the Atlantic hurricane season, formed Thursday near the Windward Islands, according to the US National Hurricane Center.

•There have been fresh kidnappings in Nigeria with the abduction of three people working for a subsidiary of the Italian oil group Eni, the Italian news agency ANSA said Friday.

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