Markets to call oil's bluff

Earlier in the day on Friday, the Brent crude oil October futures price in London crossed the $45 line to $45.15 a barrel, while the New York futures price edged over the $49 mark towards $50. Gil Knight, manager of the Gartmore US Opportunities fund, says in a note terrorism notwithstanding, there are many reasons to expect price falls. “On the supply front there are few arguments in favour of a sustained price appreciation,” he says. ”Indeed, most of the evidence points the opposite way, and I believe there are several reasons why oil shouldn’t remain a major hinderance to global...