What's Moving the Oil Markets?

•Global crude futures relented slightly from strong gains made in the previous five sessions as profit taking halted the rise, brokers said, due to a weaker dollar and comments pointing to a possible further output cut by OPEC. "It's just some profit taking after a strong week, but otherwise it's pretty quiet," a London-based broker said.

•The US dollar floundered close to a 20-month low against the euro and a 14-year trough against the pound in Asian trade Friday after taking a beating from weaker-than-expected US manufacturing data, dealers said. The euro/dollar exchange rate rising to its highest level since March 2005 at $1.3241.

•Meanwhile, Venezuelan Energy Minister Rafael Ramirez said Thursday that OPEC could decide to cut a further 500,000 b/d output at its December 14 meeting. Ramirez told reporters that a majority of OPEC ministers were in favor of the measure. Venezuela previously supported a 300,000 b/d cut for the December meeting, to be held in Abuja, Nigeria.

Updated: 12/01/07