At 9.45 am, London Brent crude for July delivery was up 28 cents at 69.70 usd per barrel.
Meanwhile,
"The market is still very sensitive to (US) gasoline supplies," said Tobin Gorey, Commonwealth Bank of
"The market is waiting for some direction... and (it) is rather quiet," he added.
Dealers said concerns remain whether US refineries could meet stronger gasoline demand which will peak during the summer when Americans take to the highways during the holiday driving season. The season begins on the May 26-28 weekend.
The market was also tracking fresh troubles in
This month alone more than 30 foreigners have been abducted in the oil-rich
On Sunday, Nigerian oil unions threatened to launch a strike beginning Thursday to protest the planned sale of two government-owned oil refineries in the city of
"What could stir things a bit are worries over the strike on May 24 that would affect the global crude market," Gorey said.
Elsewhere, the UN nuclear watchdog, the International Atomic Energy Agency (IAEA), is to issue a report on May 23 on
Mike Wittner, a Calyon oil analyst said: "The IAEA"s report is likely to set in motion another round of security talks. The sanctions enacted so far have been limited in scope and we expect that to continue, but they are likely to be supportive of prices."
PIN/HEMSCOTT.COM
Your Comment