•Crude futures stabilized in early European trading Monday after the selling spree in the last three trading sessions. The market is still in corrective mode following the $100/barrel highs at the beginning of the year, and an early upswing of around 30 cents was wiped out as prices turned lower again.

•"It is not really clear what is moving the crude futures markets this morning," a London-based broker said. "It is a bit weird that gold and other metals are roofing and crude is not following and is ignoring potentially bullish news... especially keeping in mind the big draws in US crude stocks last week. Funds should be looking for safe havens away from equities and credit-based instruments like commodities... but as the dollar is still getting hammered they should buy crude and not gold," he said.

•Turning to the potentially bullish news, an oil tanker explosion in the Nigerian oil city of Port Harcourt killed at least 30 people Friday. Nigeria's main rebel group, the Movement for the Emancipation of the Niger Delta, claimed responsibility for the attack, the second such incident in January in Port Harcourt.

Updated: January 14, 2008