"Today the market is being pulled back by weak gasoline prices and weak gasoil, which has fallen by about $25, and we are really testing support levels for crude. However there hasn't really been any fresh news to affect the market drastically and bullish fundamentals have not changed."
- A London-based broker said Thursday as IPE Brent crude futures in London extended losses in early trading Thursday after unexpected builds in US gasoline and gasoil stocks pushedprices lower Wednesday.

 		    
The US Energy Information Administration Wednesday predicted oil prices "will remain elevated through 2007" on a series of supply, weather and geopolitical concerns.
The EIA, in its This Week in Petroleum report, noted that continued limitations in adding to oil supply capacity, along with the festering geopolitical worries involving Nigeria, Iran, Iraq and Venezuela, and the threat of more hurricane damage in the US Gulf of Mexico and Gulf Coast region this summer would keep an upward pressure on prices.

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