•Crude futures resumed their uptrend in early European trading Tuesday, as the US dollar softened and despite comments from Saudi Arabia and Iran that oil markets are well supplied, sources said.

•Saudi Arabian king Abdullah was quoted Tuesday as saying that there was ample supply on oil markets but that there were indications oil prices would remain high because they were not governed by supply and demand fundamentals.

•In addition, Iranian oil minister Gholamhossein Nozari added that oil markets are currently oversupplied and that current record prices are largely a result of the weak US dollar, the official IRNA news agency reported Tuesday. "

•Currently, enough oil is being supplied in the market and there is even oversupply," Nozari added. "The day-by-day increase of the oil price is to a great extent being caused by the depreciation of the dollar's value," he said.

Updated: July 1, 2008