What's Moving the Oil Markets?

•Global crude futures retreated slightly in early European Tuesday trading from strong gains seen on Monday. Prices were still underpinned by ongoing geopolitical concerns and gasoline supply fears in the US ahead of peak demand season, sources said. "The slight coming-off in futures prices this morning is mainly due to some profit-taking after Monday's rally in RBOB and Brent futures...technicals still look rather strong, especially ahead of Wednesday's US inventory data release, where everybody will be watching the gasoline supply situation very closely," a London-based broker said.

•Front-month ICE Brent futures reached their highest value since last August in late-Monday European trading, hitting $70.83/barrel on the back of renewed attacks on Nigerian oil facilities and ongoing tensions between Iran and the west surrounding the country's nuclear ambitions.

Updated: May 22, 2007