Market edgy as oil prices make fresh gains
US light crude hit a session high of $56 a barrel, before easing to $55.67, up 28 cents. London Brent crude was up 33 cents to $55.30 a barrel. Crude oil prices have rallied for five straight sessions, notching up gains of more than $4 and within striking distance of the all-time high of $58.28 set at the start of April as speculative funds surge back into the market.
"High oil prices look set to persist despite OPEC's promises of more supply and the first, tentative signs of the negative impact of high prices on oil demand growth," said London's Centre for Global Energy Studies in a report.
