•Crude prices moved higher on Thursday in response to a fall in US gasoline stock and the IEA's latest monthly Oil Market Report. At 1057 London time, the May ICE Brent contract, due to expire on Friday, was up 68 cents to $68.52/barrel. The May WTI contracts on NYMEX and ICE were up as well, gaining 76 cents to $62.77/barrel, leaving Brent's premium over WTI at $5.75/barrel.

•The latest US stock data published by the US EIA on Wednesday showed a larger-than-expected draw in gasoline stocks. The latter dropped by 5.5 million barrels, far more than the 1.6 million barrels forecast by analysts surveyed by Platts. Crude stocks grew by 700,000 barrels, mainly in the "right place" PADD 2, a London-based broker said.

•The IEA reduced its estimate of world oil demand this year to 85.78 million b/d, down 250,000 b/d from its previous projections on the back of revised consumption data from a number of non-OECD countries. The agency also trimmed its forecast of the 'call' on OPEC oil this year, although it said the market was likely to need more oil from OPEC in the coming months than it is currently pumping.

Updated: April 12, 2007