•Crude futures were stable to slightly lower in European morning trading Friday, holding on to gains seen Thursday that resulted from the latest fundamental developments, a weakening US dollar and buying-back tendencies, as crude futures appeared oversold lately, sources said.

•Jan ICE Brent as well as NYMEX WTI futures settled at their highest values in over a week Thursday. At 11:14 GMT, Jan ICE Brent futures were down 26 cents to $89.92/barrel, while Jan NYMEX WTI lost 35 cents to $89.88/b. Brent's premium over WTI diminished, now at only 4 cents/b. "Crude futures remain a good buying opportunity," a London-based broker said.

•"The market posted a strong recovery after recording five-week lows in the overnight session. The weakening in the US dollar, and an OECD report raising economic growth forecasts for China, were mentioned as drivers behind [Thursday's] price strength. However, we feel that the larger initiative was simply provided by the fact that the complex had become oversold on a short-term basis," and as players bought back positions, prices strengthened, independent energy consultant Jim Ritterbusch said in a report Thursday evening.

Updated: December 7, 2007