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

•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.

Updated: July 15, 2008