What's Moving the Oil Markets?
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•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.
•Market players are
expecting to see a rally later Friday, ahead of the weekend, as is now
typical as traders cover their positions. "June Brent may make it up to
$71/barrel during the day but I think it will have difficulty following on
with no fresh news propping it up." a trader said.
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| •The
situations in Iran and Nigeria continue to hang over the market, keeping
traders on their toes, market players said. Traders still view gasoline as
the market leader and expect crude to follow the direction set by the NYMEX
unleaded futures contract. "All eyes are on gasoline," a broker said. |
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