What's Moving the Oil Markets?

 

•IPE Brent futures in London rose towards $73/barrel on Wednesday, recovering from losses made on Tuesday as global geopolitical factors continue to support the market, sources said. "The flat price is up a little this morning and is essentially a touch stronger on the back of geopolitical fears," a London-based broker said.

•North Korea early Wednesday launched five missiles, including a long-range Taepodong 2 capable of reaching US territory, in a move that US and Japanese government officials dubbed provocative. Details of the launches are still being analyzed, but a senior US government official confirmed that a Taepodong 2 was one of the missiles fired. A broker noted that North Korea's missile tests were also adding a touch of support to the IPE Brent futures.

•"However, ultimately any supply disruption in the next couple of months from hurricanes or any geopolitical event is keeping prices underpinned," a broker said.

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