The US is not concerned over recent comments from some OPEC members that they are keen to use an alternative to the dollar for pricing crude due to the currency's recent weakening, US energy secretary Samuel Bodman said Tuesday in London.
Asked whether the US is concerned over such comments, he said: "No."
"There is low volume today, the market is just winding down," said a London-based broker. "After the US inventory data on Wednesday, I think people will just start to disappear from the market."
Global crude futures spiked over a dollar/barrel during the European trading session, though market commentators said this was more to do with small volumes traded on the respective exchanges. When trading volume is lower than usual, there is potential for greater swings in price as market participants have a greater influence on price movement.
Updated: November 20, 2007
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