•Global crude futures were rangebound Wednesday as market players watched for indications from today's tense G8 summit in Germany, as well as looking ahead to the US stock stock data, brokers said. At 10:13 GMT July ICE Brent changed hands at $70.41/b, down 4 cents. July WTI on both NYMEX and ICE were down 9 cents at $65.52/b. "Volumes are lower ahead of the stats, but I think at the forefront of some people's minds is how the G8 meeting goes," a London-based broker said.

•Recent diplomatic tensions between Russia and the US and UK ahead of the G8 leaders' annual summit in Germany have overshadowed the initial plan by G8 host Chancellor Angela Merkel of Germany to make climate change the number one issue.

•Meanwhile, the US oil stock data to be released by the US EIA and API are expected to show a 550,000 barrel build in commercial crude stocks and a 1.5 million barrel build in gasoline stocks, analysts surveyed by Platts said Tuesday.

•The Middle East sour crude futures seemed little affected by cyclone Gonu heading through the Persian Gulf. The August Oman contract on the DME was up 13 cents at $65.44/b while the August Dubai contract on ICE was just 2 cents higher at $65.41/b.

Updated: June 6, 2007