•Global crude futures firmed in early European trading Tuesday amid low volumes, as the market continued to feel the impact of Monday's attack on two Nigerian oil pipelines that forced a 120,000 b/d halt in production.

•US preliminary petroleum demand figures for May released by the Energy Information Agency were revised lower Monday. Finished gasoline demand fell to 9.216 million b/d from a preliminary figure of 9.308 million b/d, a 2.7% decline year on year, while distillate demand was down 3.2% year on year.

•On a technical basis, "crude's rallies are vulnerable and we would advise not buying into them. We are looking for an eventual retreat to $121-122/b support basis the September WTI contract," MF Global added.

Updated: July 29, 2008