What's Moving the Oil Markets?

What's Moving the Oil Markets?

•- ICE Brent crude futures hit their lowest level this year on Wednesday as traders awaiting the latest US stock data reacted to continued ample supplies, high inventory levels and fears of an economic slowdown in the US, the world's biggest oil consumer.

•- Shortly after 0600 GMT, Brent for November delivery slumped to $57.78/barrel, the lowest level since December 30, 2005. Prices subsequently recovered slightly to stand at $58.39/barrel at 0920 GMT.

•- "There is a complete lack of geopolitical news in the market at the moment, stripping all premium from the price of crude and it is exposed to technical realities," said one London-based broker. "With concern over the health of the US economy having an impact on crude demand it is understandable why there is this sell-off and a rush to abandon positions," he said.

•- Brent has now fallen more than $4.43 this week from a high Monday of $62.82/bbl, and has slumped by more than 25% from an all-time high of $78.65/barrel on August 8.

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