London (Platts)--18Jun2007

Global crude futures were weaker Monday with no fresh headlines to
support or consolidate levels reached last Friday, market sources said.
     At 11:00 GMT, the August ICE Brent futures contract was at $71.17/b,
slipping 30 cents from Friday's close, while the July WTI contract was on
NYMEX and $67.75/b on ICE, down 27 cents/b and 25 cents/b respectively.
     "There have been no real drivers this morning," said a London-based
broker. "The latest news from Nigeria has not impacted prices." Italian oil
company Eni said Monday it had halted production following Sunday's attack by
militants at its Ogbambiri flowstation in southern Nigeria.
     Last Friday, front month ICE Brent futures peaked at $71.88/b, the
highest level since August 28 last year, while NYMEX WTI touched $68.30/b.
     The current differential between August Brent and WTI futures contracts
is $3.40/b.
     The Middle East futures contracts were steady to weak. The August ICE
Dubai contract traded at $66.69/b at 10:14 GMT, up 1 cent/b, while the August
DME Oman contract was at $66.82/b, down 17 cents/b.
     "There was very small volume on the Middle East contracts earlier
today--just two lots. It just goes to show how heavily they rely on Western
markets," a broker said.
     In product futures, the July ICE gasoil traded at $620.50/mt, down
$3.00/mt from Friday's settle, while July NYMEX heating oil and gasoline were
down 0.86 cents and 0.96 cents at $2.0020/gallon and $2.2505/gallon
respectively.
--Paul Hailey, paul_hailey@platts.com