•Global crude futures were steady in early European trading Thursday, stabilizing after the $4/barrel gains Wednesday which were driven by a strong seasonal draw in US heating oil stocks and the bullish sentiment that built earlier in the day as central banks around the world announced coordinated efforts to alleviate short-term liquidity issues in global markets, sources said.

•A 1 million barrel draw in heating oil stocks, amid the recent cold spell in the US, supported the complex. "I think the weather in North America was the catalyst on Wednesday for the post-US stats rally... then technical trading took over," a London-based broker said. "Heating oil stocks will become more important over the next few weeks...if the market needs a rally, it will look at weather and distillates stocks for its incentives," the broker added.

Updated: December 13, 2007