•Global crude futures recovered from a slight downward
shift during Asian trading hours, remaining rangebound Friday but still
focused on the recent strength of gasoline.
•At 11:10 GMT, crude futures were marginally stronger with the front month
April ICE Brent contract trading at $62.51/barrel, up 17cts/b since
Thursday's close. The WTI contracts on NYMEX and ICE were little changed
from the previous day's settle at $61.69/b and $61.70/b, up 5 cents and 7
cents respectively.
•"There was a sell off in the Asian trading period and it has just bounced
back a bit - otherwise it is very quiet," said a London-based broker.
•-The oil complex is still led by current demand for gasoline. The April
European premium unleaded crack swap hit $12.00/b on Thursday, while NYMEX's
front-month April RBOB contract settled 3.06 cents higher at $1.9261/gal.
Updated: March 9, 2007
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