What's Moving the Oil Markets?

•Global crude futures fell in early European trading Tuesday, on the back of a slump in global stock markets and concerns about the Federal Reserve's proposed $700 billion bailout, sources said

•"The market is so illiquid and is tied to the financial picture. Both the stock markets and currency are having excessive moves," a London-based broker said.

•The FTSE 100 lost 121 points or 2% to 5115, tracking Monday's late selloff in the US markets where the the Dow Jones Industrial Average slumped 3.27% or 372.75 points to 11015.69. Meanwhile, the new front month November NYMEX contract fell $1.96 to $107.41/b, in the aftermath of Monday's record $25/b rise on the expiry of the October NYMEX contract.

Updated: September 23, 2008