What's Moving the Oil Market

•Crude futures were little changed in early European trading Friday, after a week-long plunge, as traders awaited the US House of Representatives' vote on the revised $700 billion rescue package, and ahead of key US payrolls data released later today, sources said.

• "It has been a rollercoaster ride. We have had exceptional ranges around $5/b for most of the week and most traders are really shell-shocked," one London-based broker said. Nov ICE Brent has slumped $12.26/b or 12.1% relative to last week's settle, as the darkening outlook for global demand in the wake of recent financial turmoil and strength in the dollar, the world's reserve currency continues to weigh on sentiment across the commodity complex.

•Over the same period the ICE Dollar Index is up 4.2% to 80.244, having hit a year high of 80.794 on Thursday. The US Bureau of Labor Statistics will release key payroll data later today. Global stock markets, closely tracked by crude futures, remain under pressure, despite a brief recovery following the Senate's approval of the revised $700 billion package. The House will vote later Friday on the amended package, after rejecting the original plan on Monday.

Updated: October 3, 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 10/03/2008

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