What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent crude futures rose slightly early Friday hovering around the $70/barrel mark, slowing the volatility seen throughout the week where intra-day ranges have been above one dollar since Monday, traders said. At 1112 London time, the July IPE Brent futures contract was traded at $70.08/barrel, up 41cts from Thursday's close, after having opened in early electronic trading at $70.13/barrel.

•"The financial and commodity markets seem to be linked more so than usual and this morning the FTSE 100 is mostly unchanged from yesterday and with this crude is holding," a London-based broker said. The UK's main share index, the FTSE 100, has fallen over 250 points since the start of the week to be near 5600 points Friday morning.

•Later Friday, market players do not expect a big increase in trading activity, ahead of the weekend. However, they have noted that most volatility in crude futures recently has been late in the European trading day due to US hedge fund interest and activity in the markets.

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