Crude futures edge higher, consolidate above $60/barrel

Singapore (Platts)--6Mar2007

April crude futures on the New York Mercantile Exchange were holding
above $60 per barrel in late afternoon Asian trade Tuesday, having settled
$1.57 lower at $60.07/barrel in Monday's New York close.

Sources said that the past week's turmoil in global equities markets
remains a factor for the oil markets, particularly if the weakness impacts on
the general wellbeing of the global economy and ultimately demand for oil.

But for now, oil futures appear to have established a narrow trading
range in the low-$60s/barrel, with industry watchers looking towards this
week's US inventory statistics and any fresh market moving news.

"Oil fundamentals look fairly balanced on the supply/demand side," said
Victor Shum, an analyst with Purvin and Gertz energy consultancy in Singapore,
adding that the market looks to have reasonable support at $60/barrel, with
resistance to the upside at $62/barrel.

At 0840 GMT in Singapore, April WTI was trading 28 cents/barrel higher at
$60.35/barrel.

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