•Global crude futures hit new 10-month highs in early European Thursday trading ahead of US inventory data, which is expected to show a hike in refinery utilization, resulting in crude stock draws, sources said. Moreover, with US gasoline demand expected to be strong, combined with refineries returning from turnaround season, prices should remain well underpinned during Thursday trading, brokers said.

•At 11:00 London time, Aug ICE Brent climbed to a new 10-month high of $73.75/barrel, up 67 cents from Wednesday, with August NYMEX WTI gaining 41 cents to $71.82/b. Turning eastwards, Middle Eastern crude futures were a bit more subdued, with September DME Oman up 16 cents to $69.24/b, while September ICE Dubai gained 9 cents to $68.84/b.

•-Traders shrugged off geopolitical factors, such as new kidnappings in the Niger Delta. "We are hearing all sorts of unsubstantiated pieces of news this morning, with nothing really developing...I think the main bullish driver is that most US refineries are returning from their turnarounds, which should result in crude demand and refinery utilization to increase and therefore bring US crude stocks down," one London-based broker said.

Updated: July 5, 2007