Crude futures fluctuated and edged up higher Monday on supply concerns.
Light, sweet crude for July delivery rose 41 cents to settle at 127.76 U.S. dollars a barrel, after hitting as high as 129.35 dollars a barrel and falling as low as 125.22 dollars a barrel, on the New York Mercantile Exchange (NYMEX).
It is believed that crude futures rose Monday on concerns about shortage of U.S. heating oil supplies caused by temporary outages at some European refineries. The report that OPEC would not consider lifting the current ceiling on production until its Sept.9 meeting in Vienna also weighed on the market.
New data from the U.S. Commodity Futures Trading Commission (CFTC) added to the uncertainty of crude prices. So-called speculative net long positions fell to 25,867 contracts on the NYMEX in the week ended May 27 from a record 127,491 on July 31, 2007, according to CFTC's report on Friday. Speculation has been blamed as a main force to drive up oil prices.
In London, Brent crude for July delivery rose 24 cents to settle at 128.02 dollars a barrel on ICE Futures Exchange.
Source: Xinhua
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