12 April 2001, 15:09 Brent crude rises above 27 usd on technical buying
LONDON (AFX) - The oil price went above 27 usd per barrel for the
first time in two months, triggered by technical buying, dealers said.
Brent North Sea crude for June delivery moved up to 27.40 usd per
barrel this morning from 26.96 yesterday evening.
Crude futures were last this high on Feb 19.
"The market looks very firm," said Paul Goodhew, a dealer on the
International Petroleum Exchange (IPE). "There is some good buying
coming in although it is fairly light volume."
"There is a lack of news but technically the market looks
excellent," he added.
A report from the International Energy Agency detailing that crude
output from OPEC rose in March did little to dampen spirits, dealers
said.
The IEA said OPEC output including Iraq rose by 410,000 barrels per
day from the previous month to 28.51 mln bpd.
The basket price of seven crudes worldwide used by OPEC to help set
output rose to 25.15 usd yesterday from 24.87 dollars on Tuesday, the
OPECNA agency reported, surpassing the cartel's target of 25 usd.
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