What's Moving the Oil Markets?

What's Moving the Oil Markets?

•- The front-month October Brent futures contract was trading below the magical $65/barrel level as the market appeared to be bracing more bearish fundamentals as well as noting that the geopolitical events were fading into the background, brokers said.

•- Refco noted that prices had broken through some critical support levels Friday with prices at their lowest level since the end of March 2006. Brokers were looking for support levels between $64.60/barrel and $64.65/barrel on the October contract.

•- "The storm concerns are easing day by day, refinery crack spreads are also beginning to weaken (citing weakness in NYMEX heating oil and gasoline cracks)," a broker at Refco said.

•- Some OPEC ministers, gathering in Vienna, appeared to be concerned about the massive drop in oil prices which have shed around $13/barrel since August.

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