•ICE Brent crude futures were rangebound Tuesday, after the bank holiday weekend, amid thin trading volumes. NYMEX WTI was catching up with Monday's fall in ICE Brent, restoring the WTI-Brent spread to levels seen on Friday. At 10:26 GMT, July ICE Brent changed hands at $69.66/barrel, down 5 cents from Monday's settlement. July NYMEX WTI traded at $64.37/b down 83 cents from Friday's settlement.

•On Monday, a UK and US public holiday reduced volumes significantly and also the NYMEX open outcry floor was closed, therefore no settlement price was issued. However on ICE, a purely electronic trading platform, settlement prices were issued at 18:30 GMT, hence the current difference in price changes.

•On Monday, July ICE Brent fell 99 cents as little news, especially from Nigeria, was seen, brokers said. The current WTI-Brent spread for July was pegged at minus $5.30/b, up 14 cents from Friday. Part of the reason for the widening of the WTI-Brent spread has been militant attacks in Nigeria.However, after a quiet weekend, the spread has remained relatively unchanged.

Updated: May 29, 2007