•Crude futures markets firmed significantly Thursday prompted by concerns of a possible cut in Iraqi export crude following a bomb attack on a oil pipeline in the south of the country, sources said. There were no further details and it was not immediately clear how this would affect crude oil exports from Iraq's main export terminal at Basra and the nearby Khor al-Amaya port, which accounted for some 1.6 million b/d of oil exports in February, nearly the bulk of Iraq's exported oil.

•There is technical support for crude prices, underpinned by the ever-present weak dollar. "The dollar index confirmed the weakness that started on Tuesday...being short the dollar, long crude oil and long gold was back," Petromatrix said in its daily oil report. "As long as the dollar is sold to reach new lows, banks will be buying crude oil with the objective of testing the recent highs to induce a momentum breakthrough to the $115-$120/b target."

Updated: March 27, 2008