What's Moving the Oil Markets?

What's Moving the Oil Markets?

• IPE Brent futures in London rose over half a dollar ahead of the July contract's expirty at the close of trading Thursday with funds poised to take advantage of the lowest oil prices in two months and adopt new long positions in the market, brokers said.

• Brokers also cited a number of bearish technical elements such as flagging US gasoline demand and bullish geopolitical concerns in the market which one broker said made funds uncertain over the direction of crude.

• US demand is now lower than in the same period last year for all oil products with high oil prices dampening economic growth and hitting retail demand, said a PFC energy report. Gasoline demand is 120,000 b/d less than the similar four week period a year ago. But with hurricane season yet to be negotiated and unresolved disputes in Iran and Nigeria, funds are reluctant to sell too many positions despite immediate pressures to sell.

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