•Crude futures retreated slightly Monday, though remaining well above $90/b. Weather-related issues in the US supported the complex in earlier trading, which is counteracting effects of a stronger US dollar and weaker Asian equity markets.

•"There is nothing new moving the market this morning from a fundamental perspective on the oil side," a London-based trader said. "Apart from colder weather in the US, the US dollar got quite a bit stronger over the weekend...Asian equity markets were also quite weak overnight, which has filtered through into European markets," the trader added.

•Cold weather in the US pushed NYMEX heating oil futures higher, as a major snowstorm tore through eastern Canada and the northeastern US--the key consuming region for heating oil--Sunday making driving conditions treacherous and forcing airports to cancel numerous flights. This resulted in heating oil futures for January holding on to strong gains seen last week, following the release of US weekly stock data, which showed a strong 1 million barrel draw. Given the current cold weather, a similar bullish sentiment might return in this week's US stock data.

Updated: December 17, 2007