• Global crude futures retreated slightly on Friday from gains seen Thursday although market sentiment remained bullish with concerns over gasoline supplies in the US. The surge in prices Thursday was led by NYMEX RBOB, which shot up by more than 6 cents/gallon to $2.4385/gallon, just short of the 11-month high seen at the end of April.

•At 1045 London time, July ICE Brent was below $70/barrel, losing 47 cents to $69.80/b, after hitting an eight-month high of $70.33/b Thursday. In early European Friday trading, the contract even reached $70.35/b. June WTI on NYMEX and ICE was down 8 cents at $64.78/b.

•"I think most players in Europe were surprised by the upside trend in ICE Brent on Thursday, which was mainly led by skyrocketing RBOB. However, I think, the slight downward correction today does not indicate any bearish trend as general sentiment remains bullish, especially with supply concerns surrounding gasoline in the US holding on," a broker said. "On the news side, I reckon the restart of Bonny Light production in Nigeria by Shell, scheduled for today, has caused the price retreat," he said.

Updated: 05/18/07