What's Moving the Oil Market

•Crude futures dipped during late-morning trade in Europe on Friday--after retesting record highs earlier in the day--as the US begins its long Independence Day holiday weekend, sources said.

•Sources noted that volumes were limited with a number of traders away from their desks ahead of the Fourth of July celebrations in the US.

•The ICE US Dollar Index recovered to the highest level since the beginning of the week at 72.805, after "dovish" comments from the head of the ECB, Jean-Claude Trichet, in the aftermath of a quarter percentage point rate hike to 4.25%. "An emphasis on slowing growth and the fact that the present policy stance should deliver price stability were very conciliatory. Rates should stay on hold at 4.25% for now," MF Global said in a report.

•The dollar got further support from data released Thursday by the US Bureau of Labor Statistics, which showed US non-farm payrolls and unemployment for June were broadly in line with expectations, sources said.

Updated: July 4, 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 7/4/2008

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