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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