Oil prices up slightly in thin holiday trading

London

OIL prices climbed in thin Easter holiday trading on Monday, adding to gains in recent weeks as optimism holds that a production freeze among major producers may be implemented.

Brent crude futures were up 22 US cents at US$40.66 per barrel at 1250 GMT. Last week, the contract fell 76 US cents, or nearly 2 per cent, in its first decline in five weeks. US crude's front-month contract was up 42 US cents at US$39.88 a barrel.

The liquidation of short positions during the last seven weeks covered by data from the US Commodity Futures Trading Commission was the largest in records going back a decade. That suggests the upward pr…