London (Platts)--15Jul2008

Global crude futures were slightly higher in European morning trading
Tuesday, not far off record highs amid relatively low trading volumes.

At 1037 GMT, front-month ICE Brent traded at $145.33/barrel, a $1.41 gain
on Monday's close, while August NYMEX light sweet crude was trading $1.15
higher at $146.33/b.

The weak dollar, which fell to an all-time low against the euro of
$1.6038 Tuesday, provided additional support for crude prices, while gold,
trading at $980/ounce Tuesday, continued to rise as investors looked for a
safe haven.

"Things are very quiet today despite the move in gold and the move in
dollar," one London-based trader said. "The financials appear to be grabbing
the headlines at the moment. We're just taking a backseat from the bigger
stories."

Geopolitical concerns, meanwhile, continue to provide support for crude
futures despite to some extent already being priced in.

"In terms of news, the same set of factors from last week are still with
us and providing some support, namely the Brazilian strikes, the end of the
Nigerian ceasefire (which has already resulted in a few minor incidents), and
a possible weather system forming in the Caribbean," energy analyst Edward
Meir said in a report.

According to Robert Laughlin of MF Global, the initial fears about
Brazilian output have been largely offset by reports that state-controlled oil
company Petrobras has flown in non-union employees to cope with any production
difficulties.

In the product markets, the ICE August gasoil contract traded at
$1,323.50/mt, a $14 gain on Monday's settle. The front-month NYMEX heating oil
contract traded at $4.1043/gallon, a 3.94 cent gain.