What's Moving the Oil Markets?

•Global crude futures were a touch weaker Friday in intraday trading, still underpinned by the current strength of gasoline but to a lesser degree than earlier in the week, market sources said.

•"Despite a new series of refinery problems in the US taking prompt gasoline prices to new recent highs, crude oil could not break the resistance," said oil analysts Petromatrix. "It is now the 14th day out of the last 19 that Brent crude oil has traded without being able to settle above 69.00 $/bbl. The crude resistance is getting re-enforced and since crude oil is no more the solver of the gasoline stock draws it will require new crude related inputs to break higher."

•The partial restart of Valero's McKee refinery April 16 held the promise of eroding an inventory overhang that caused the front of the curve to weaken, but additional refinery problems along the Gulf Coast and the Midwest may actually cause additional stock building and leaving traders unsure as to the direction of the curve.

Updated: April 27, 2007