Oil price on the increase

Brent crude continued to trade close to the April highs yesterday in spite of low volume in the run up to the Independence Day holiday in the US today.

Crude traded up to $73.99 (€57.75)/bbl before retracing to $73.30 (€57.21)/bbl.

Action is likely to be muted today with NYMEX closed, but expectations are high that the remainder of the week will see a continuation of the current bull run.

Figures released showing that US growth was the highest for over two years coupled with the deadline on Iran to respond to the proposals aimed at solving the nuclear dispute expiring tomorrow may result in further increases.