Oil prices up slightly in thin holiday trading

Prices supported by disruptions to oil supplies in Nigeria, Iraq and plans by major producers to freeze output


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...

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