What's Moving the Oil Market

•Global crude futures were higher in European morning trading Wednesday ahead of the release of US oil data later in the day, with market sentiment mainly reflecting Hurricane Gustav's expected arrival in the US Gulf this weekend, sources said.

•"Most weather models are now showing Gustav entering the Gulf by early Sunday, with some oil platforms in Texas and Louisiana possibly lying in its path," energy analyst Edward Meir said in a report. "Energy producers are already battening down the hatches, with non-essential workers being evacuated from offshore rigs."

•Geopolitical tensions re-emerged yesterday after Russia's President Dmitry Medvedev recognized the independence of Georgia's breakaway regions South Ossetia and Abkhazia, a step which seems certain to further worsen relations between Russia and the West.

Updated: August 27, 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 8/27/2008

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