What's Moving the Oil Markets?

What's Moving the Oil Markets?

•- Crude oil futures in London rose slightly on Friday after tumbling to their lowest levels in for almost six months on Thursday on easing supply concerns and news that Nigeria's two oil unions had suspended a strike a day after it was launched.

•- The new front-month November crude futures contract was trading 3 cents above Thursday's close at $63.57/barrel, trading in between the intra-day low and high of the so far. The October futures contract expired Thursday at $62.24/barrel.

•- Four bombers and a security guard were killed Friday when Yemeni security forces foiled twin suicide bombings against oil installations, five days before the impoverished Arab nation goes to the polls, AFP reported.

•- The middle distillates market failed to provide much support to the crude market with crack spreads deteriorating further following Wednesday's larger than expected distillate stock build at 4.7 million barrels, against the projected build of 2 million barrels.

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