What's Moving the Oil Markets?

What's Moving the Oil Markets?

•IPE Brent crude futures weakened slightly Wednesday amid quiet rangebound trading ahead of the US inventory stock data due out later today. At 1031 London time (0931 GMT) the August IPE Brent futures contract was changing hands at $67.77/barrel, down 31 cents.

•"There's little news directing the market so far today. People are waiting for the US stock data to come out this afternoon for things to change," a London-based broker said.

•- US crude inventory data to be released by the American Petroleum Institute and Energy Information Administration at 1530 London time are expected to show a 1.3 million barrel draw in commercial crude stocks, according to analysts surveyed by Platts Tuesday.

•- An increase in refinery runs will is expected to deplete stocks further, a continuation from the previous week. In last weeks data throughputs jumped 196,000 b/d to 15.83 million b/d, reducing crude stocks by 980,000 barrels.

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