What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent crude futures in London clawed back some of the losses seen since Monday extending Thursday's rally as a number of funds continue to reverse short positions looking to buy on the dip, brokers said Friday.

•It is a busy morning with short covering going into the weekend and we are seeing the market up alongside a recovery in global equities," said one broker. "I expect the price of crude to be a lot higher by the end of the day because it has fallen too far this week and it has fallen too quickly," he added.

•- Since Monday, front-month IPE crude values have fallen $4.94 from $72.66/barrel to a low of $67.73/barrel at around 1630 GMT on Thursday as bearish fundamentals weighed heavily on the market.

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