17 June 2005, 16:57  Brent crude oil futures remained above the 57 usd a barrel

Brent crude oil futures remained above the 57 usd a barrel level in early afternoon trade, but were off their earlier midday highs, amid worries about the possibility of shortages of distillates later in the year due to high demand and a lack of refining capacity. On the International Petroleum Exchange (IPE), Brent crude for August delivery was up 79 cents from yesterday's close at 57.01 usd a barrel, off an earlier high of 57.08 usd. New York's main contract, light sweet crude for delivery in July, rose 62 cents to 57.20 usd per barrel in electronic deals after reaching an intra-day high of 57.25 usd. Prices have risen for three days in a row to reach the highest levels since April 4 when they struck historic levels of 58.28 usd per barrel in New York and 57.65 usd in London. Oil prices are being "driven higher by strong distillate demand", analysts at the Sucden brokerage firm said.

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