Oil above US$71

LONDON – Oil edged higher above US$71 yesterday, adding to strong gains the previous session, as refinery problems rekindled gasoline supply concerns and strong US economic data helped offset credit market anxiety.

US crude rose 18 cents to US$71,27 a barrel by 1120 GMT after soaring US$1,26 on Friday. London Brent shed three cents to US$70,59 a barrel.Trading volume was expected to be light on Monday due to a holiday in Britain.”This week will remain a short trading week and unless a tropical storm starts to develop we would expect squaring of positions to dominate,” said Olivier Jakob of Petromatrix.Nampa-ReutersLondon Brent shed three cents to US$70,59 a barrel.Trading volume was expected to be light on Monday due to a holiday in Britain.”This week will remain a short trading week and unless a tropical storm starts to develop we would expect squaring of positions to dominate,” said Olivier Jakob of Petromatrix.Nampa-Reuters

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