New York (Platts)--9Feb2009

NYMEX March crude futures on CME's Globex system were 72 cents higher at
$40.89/barrel Monday, with the market continuing to gravitate around the $40/b
level while waiting for word on a stimulus package and bank bailout plan from
Washington.

"Optimism about the stimulus plan will be weighed against the continuing
deterioration in economic data, with releases this week set to show a further
decline in US retail sales in January and a drop in consumer confidence as
reflected in a likely decline in the Michigan sentiment survey at the end of
the week," Mitul Kotecha, head of research at Calyon, said in a report.

"In Europe, the economic picture will not look much better this week,
with GDP likely to have posted a 1.3% decline in Q4 2008."

Ahead of these developments, the US dollar was weaker, with the index on
ICE down 55 points at 84.795.

Prices were also supported by comments from OPEC Secretary General
Abdalla el-Badri that the cartel's compliance is about 80%, saying "we need to
cut about 897,000 b/d to be 100%."

"We need to work hard to cut the rest of the amount," Badri said.

Badri also said more action could be taken in March at the next OPEC
meeting in Vienna.

Product markets firmed in overnight trading led by RBOB which was up 1.25
cents at $1.2632/gal, but overall the petroleum sector remained rangebound.
--Linda Rafield, linda_rafield@platts.com