What's Moving the Oil Markets?

What's Moving the Oil Markets?
•IPE Brent crude futures in London extended losses in early trading Thur after unexpected builds in US gasoline and gasoil stocks pushed prices lower Wed. •"Today the market is being pulled back by weak gasoline prices and weak gasoil, which has fallen by about $25, and we are really testing support levels for crude," said one broker. "However there hasn't really been any fresh news to affect the market drastically and bullish fundamentals have not changed."
•On Wed, IPE Brent crude fell after the US DoE released its latest stock report showing an unexpected build in gasoline and crude oil inventories. The US DoE announced a 1.7 mil bbl increase in US commercial crude stocks and a 2.1 mil bbl rise in gasoline stocks for the week ended Apr 28. •Iranian Foreign Minister Manouchehr Mottaki insisted on Thursday that developing nuclear energy is Iran's "essential right" and hopes the UN Security Council will not politicize this. Copyright © 2005 - Platts Please visit: www.platts.com Their coverage of energy matters is extensive!!.