What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent futures in London Tuesday extended the recovery seen late the previous day, posting a half-dollar gain as short covering added to lingering concerns over Iran and North Korea, one London-based broker said.

•"We have seen some short covering this morning with a few speculative traders trading the August/September spread, and while the charts are looking bearish the Iranian situation has not been resolved and all we have are a few positive sentiments, and the market didn't buy into it fully so I think that the long term trend is still bullish, particularly as we're on the cusp of hurricane season," he said. "There is also the news that North Korea is testing long range missiles which is adding to the jitters," he added.

•- According to AFP, military experts have warned that the long-range Taepodong-2 missile at the center of the North Korean testing dispute could bring the fringes of the US into range for the first time. The potential missile launch which North Korea is believed to be preparing has triggered jitters in Asia and drawn sharp warnings from Washington and Tokyo.

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