•Crude futures inched higher Wednesday ahead of the release of US stocks data, finding support from heightened tensions in Nigeria, sources said. The move higher is also being attributed to an ongoing correction following Monday's large fall. "We still seem to be correcting Monday's selloff," a London-based broker said. "Also, the Nigerian story has provided some support."

•Oil companies are on alert in Nigeria after militants threatened a major attack on oil facilities in the Niger Delta, the hub of the country's multi-billion dollar oil industry. With prices so high the market is jittery about potential disruption to supply from Africa's largest oil producer.

•On Monday, prices dropped by more than $2/b, extending Friday's fall as the US Dollar Index rebounded. On Tuesday and into the current session, prices have crept up as the market turns its attention to the US stocks data to be released at 15:30 GMT by the EIA and API. Analysts polled by Platts expect a 2.1 million barrel draw in US crude stocks.

Updated: January 9, 2008