•Crude futures moved higher Wednesday ahead of the release of the weekly US petroleum stock data later in the day. The main impetus for the recent strengthening in petroleum prices stemmed from product futures, which started rising in Tuesday afternoon trading and continued Wednesday, triggered by weather-related supply fears in the Gulf of Mexico, analysts said.

•Crude futures gained ground Wednesday despite further falls in Europe's main stock markets, a stronger dollar and persistent fears of further funds liquidations to come. At 1033 GMT, Sep ICE Brent gained 47 cents to $70.98/b, while Sep NYMEX WTI rose 49 cents to $72.87/b.

•The market's attention has partly shifted away from financial markets to weather-watching in the Atlantic and Gulf of Mexico, as continued talk of hurricanes forming in the Atlantic is grabbing attention. News that Shell Tuesday said it has evacuated non-essential personnel from offshore facilities "likely to experience the heaviest weather from Tropical Disturbance No. 34," which has been tracking toward Mexico's Yucatan Peninsula, as well as temporarily shutting-in about 5,000 Mcf of natural gas production from the North Padre Island 975 field, brought support to prices.

Updated: August 15, 2007