What's Moving the Oil Market

•Crude futures traded lower in Europe Tuesday morning, with relatively low volumes and trades confined to a $1.70/barrel range.

•"Ranges are reasonable, but nothing like yesterday." said one London-based broker. "The market is quiet at the moment and won't really pick up until the NYMEX opens."

•Oil prices on Monday continued to be impacted by the US dollar, with the Dollar Index on ICE rallying to close to a two-week high. "Oil prices dropped sharply Monday, triggered in large by a stronger dollar, which hit a 10-day high against the euro," energy analyst Edward Meir said in an MF Global report. "However, the greenback's advance has been uneven, typified by the late-day fade yesterday on talk of continuing liquidity problems among US banks, which in turn, helped energy prices finish off their lows in NYMEX trading."

•The euro/dollar was range-bound Tuesday morning, but traders are keeping a close eye on movements. "We are watching the dollar and the stock markets. These have been having an immediate impact on commodity prices markets recently," another London-based broker said.

Updated: July 8, 2008

This content first appears in Platts Oilgram Price Report. Platts Oilgram Price Report is a daily report that covers market changes, market fundamentals and factors driving prices. Platts Oilgram Price Report also brings a vast array of Platts international prices for crude and products, netback tables, and market critical data. Subscribe now to Oilgram Price Report, or click here to request a trial.

Platts What's Moving the Oil Market What's Moving the Oil Market 7/8/2008

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