What's Moving the Oil Markets?

•Global crude futures moved slightly lower on Tuesday, with overall sentiment weakening, especially triggered by a volatile performance of gasoline ahead of US stock data release due on Wednesday, sources said.

•However, with militant attacks in Nigeria still occuring and upstream companies removing staff from the area, concerns over supply disruptions are still prevailing. At 1040 London time, June ICE Brent was down 34 cents to $66.49/b. June WTI futures on NYMEX and ICE were down 6 cents at $62.40/b. "I think sentiment is not really bearish, just a slow start to the week. With RBOB being that volatile, anything can happen, especially ahead of the latest US stats data," a broker said.

•The ongoing militant attacks in Nigeria are still fueling fears over supply disruptions of the eighth-largest crude oil exporter. In latest developments, US-based services company Hercules Offshore said Monday it will evacuate non-essential, ex-patriate personnel from Nigeria due to growing civil unrest in that country. Hercules said it will also move 10 of its liftboats, operating for Chevron.

Updated: 05/15/07