What's Moving the Oil Markets?

•Global crude futures edged higher Fri, with front-month ICE Brent nearing the $78/b mark as market participants play a waiting game ahead of the weekend, sources said.

•With little fundamental news to push the market higher and technicals suggesting prices should be higher, traders said that people are not keen to take the initiative of pushing higher to potentially leave them exposed over the weekend. At 1003 GMT Sep ICE Brent futures changed hands at $77.86/b, up 19cts from the highest settle since Aug 7 last year when the all-time high trade of $78.65/b was done.

•"We had a good rally last night and despite it being a technically bullish picture this morning no one wants to take the initiative," a trader said. "If you decide to buy up the market with no news to support it you could lose out heavily over the weekend," the trader added. Late Thursday prices rallied late in the session as both WTI and Brent bounced up from technical levels.

Updated: July 20, 2007