•- ICE
Brent crude futures continue to creep upwards Friday, extending the
gains made on Thursday and clawing back some of the sharp losses seen
earlier in the week.
•- World powers gave Iran a new early October deadline to halt uranium
enrichment on Wednesday, helping provide some support to oil prices,
although the news has been received cautiously by the oil market as
previous deadlines have come and gone with little impact, one London
broker said.
•- The market is also in need of a "breather," added the broker,
following a turbulant week that has seen an intra-week high of
$64.86/barrel on Tuesday, following news of delays to the BP Thunder
Horse oil field in the US Gulf, and an intra-week low of $60.34/barrel
on Thursday as US natural gas inventory builds brought the market
lower.
•- The largest obstacle barring a recovery in prices remains the
oversupply of crude and products on both sides of the Atlantic, said
one trader. US oil inventory levels need to be eroded further,
particularly on the products side with winter fuel proving to be well
stocked, Barclays Capital said in its latest weekly report.
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