•Downward momentum resumed in crude futures markets Monday, negating Friday's brief rally as weaker products markets and less-than-bullish sentiment moved the complex lower, market sources said.

•"There is downward pressure after all these highs--sentiment is turning away from very bullish to neutral, although not bearish at this stage," a London-based trader said. "Now it is critical--if the market is really to move down it has to hit $120/b."

•"Technically, although most of our charts show that the longer-term upchannels are still intact, prices are perched precariously on the shorter term channels and prone to a break lower if they are unable to push off support lines," MF Global analyst Ed Meir said in a daily report.

Updated: June 2, 2008