•Front-month ICE Brent futures climbed to fresh record highs in European morning trading Thursday, acting in tandem with the middle distillates futures complex, which already saw new all-time highs earlier in the session.

•Market sources pointed to the distillates section of the oil complex as the main driver for the recent rally, especially ahead of the April ICE gasoil expiry at noon BST (11:00 GMT) today. "It is all middle distillates-driven ahead of the April ICE gasoil expiry...also technically it is looking very bullish," a London-based broker said.

•Wednesday's US crude stocks data from the Energy Information Administration was a catalyst for the price hikes, a London-based trader said. "Crude has crossed all resistance levels, there is no nearby level. The next resistance level for NYMEX crude is $115/b," the trader added.

Updated: April 10, 2008