Global crude futures traded slightly under Wednesday's all time high levels. On Wednesday, NYMEX WTI peaked at $80.18/b in electronic trading and the settle was at $79.91/b. "We are seeing some of the nervous length being shed off, which explains why WTI is a few cents under the settle...We may see it build up again as the day progresses and the US markets open. However, this market has not paused for a correction for 10 days in a row, as the bull run has been so strong. When the drop will come, no one really knows."
said a London-based analyst.

"Over the past 11 days the WTI front month contract has advanced by more than $8 and posted gains over the last 8 trading sessions. Mounting evidence that the global oil market is tightening fast, has made markets increasingly concerned over future supply availability as we head into the winter season. These fears were further augmented by a strong set of US weekly oil statistics yesterday,"
Barclay capital oil analyst Kevin Norris said in a daily report.

Updated: September 13, 2007