What's Moving the Oil Market

•Crude futures firmed in European trading Thursday, on the back of geopolitical concerns and weakness in the US Dollar, sources said.

•"The Russia-Georgia conflict is bubbling on in the background," a London-based broker said. "We suspect that prices are inclined to work a little higher for the balance of the week, as geopolitical tensions move front and center, temporally sidelining the more bearish fundamental backdrop," Ed Meir, energy analyst at MF Global, said in a report.

•The ICE Dollar Index fell to 76.455 in early European trading, down 1.2% from seven-month highs two days ago. Goldman Sachs' re-iteration Wednesday of its $149/b forecast for NYMEX crude provided additional support, sources said. "It [the Goldman report] is contributing to the higher prices," a broker added.

•However, said analysts at Petromatrix: "We would advise...to read the Goldman report before buying the Goldman headline. This because the latest $149/b report is an attempt at countering the negative sentiment provided by the other Goldman analysts turning bullish on the dollar last week."

Updated: August 21, 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 8/21/2008

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