•On Friday, global crude futures lost over $2/b in value as fears receded over cyclone Gonu affecting oil infrastructure, production and shipping in the oil rich region of the Middle East. Technical selling also pushed prices through important resistance levels and large drops in equity markets and metal prices added to the bearish picture. "I think a lot of people are contemplating what happened on Friday and how this current week may go," a London-based broker said. "The small moves this morning seem pretty logical especially with no news to affect prices," they added.

•Looking ahead, geopolitics and other fundamental factors will play their part market analysts have said. "While the risk of attacks on oil installations in Nigeria has subsided until the end of the month with the MEND truce we will still keep an eye on Nigeria for any further talks of Labor strike following the VAT increase from 5% to 10% and the increase in local Gasoline prices," a Petromatrix report said.

•On Friday, global crude futures lost over $2/b in value as fears receded over cyclone Gonu affecting oil infrastructure, production and shipping in the oil rich region of the Middle East. Technical selling also pushed prices through important resistance levels and large drops in equity markets and metal prices added to the bearish picture. "I think a lot of people are contemplating what happened on Friday and how this current week may go," a London-based broker said. "The small moves this morning seem pretty logical especially with no news to affect prices," they added.

•Looking ahead, geopolitics and other fundamental factors will play their part market analysts have said. "While the risk of attacks on oil installations in Nigeria has subsided until the end of the month with the MEND truce we will still keep an eye on Nigeria for any further talks of Labor strike following the VAT increase from 5% to 10% and the increase in local Gasoline prices," a Petromatrix report said.

Updated: June 11, 2007