What's Moving the Oil Markets?

What's Moving the Oil Markets?

•- ICE Brent futures in London fell Friday as the previous day's news of crude output cuts by some OPEC countries failed to support the market.

•- Prices surged late Thursday as Nigeria said it was reducing crude exports by 5%, and the OPEC secretary-general said Saudi Arabia was also cutting production. However, the rally proved short-lived as traders were seemingly skeptical about OPEC's intentions and the possible impact on the market.

•- "Friday has started very quietly with little news to change prices much. News about OPEC potentially cutting supplies seems to be the only thing happening at the moment but I'm not sure how serious it will turn out to be," said one London-based broker.

•- Nigeria, whose top oil officials currently occupy the posts of both OPEC president and secretary-general, appeared to be forging the way, with its state oil company NNPC saying it was cutting crude exports by 5% from October 1, representing a reduction of 120,000 b/d.

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