London (Platts)--19Oct2009/624 am EDT/1024 GMT

Global crude futures were slightly lower in the morning European trading session Monday, after a bullish start to Asian trading had seen front month November NYMEX crude futures breaching $79/barrel, the highest level for a front month contract in over a year.

However, the November NYMEX crude contract was seen to have peaked after it reached "critical numbers technical wise," one London based broker said.

He added there was "no impetus" for the market to continue to rise and furthermore the market could see a "sharp correction."

At 0958 GMT the front month NYMEX crude contract was trading 27 cents/b lower at $78.26/b.

The front month December Brent contract was trading 33 cents/b lower at $76.66/b, having traded at a day high of $77.46/b.

Futures were nevertheless largely holding onto the gains made last week, another London based broker said.

The rise in crude last week was linked to new fund money entering the markets and "[oil] feeding off the strength in equities and other commodities," he said.

Dollar weakness persisted Monday with the euro making further gains to trade at $1.4945 compared with $1.4903 late Friday in New York.

The FTSE 100 was trading 1.15% higher at 5,249.76 points.

Lower crude run rates and maintenance programs among refiners could lead to a tightening of the products market through the week, the first broker said.

In the products market both November heating oil and RBOB contracts were trading lower.

November NYMEX heating oil was 56 cents/gallon lower at $2.0241/gal and November NYMEX RBOB was down 1.35 cents/gal at $1.9658/gal. November ICE gasoil gained $6.75/mt to trade at $632/mt.

--Daniel Colover, daniel_colover@platts.com