Oil prices edged up on Monday

International benchmarks for oil prices inched up on Monday (30 May) with very thin trade due to public holidays in Britain and the United States, where Memorial Day is seen as the traditional start of US summer driving season. Market is await OPEC annual meeting this Thursday in Vienna, however analysts are not expecting any changes in the group's production as Iraq in its latest effort raise export quota to 5 million barrels per day in June. Traders also feel more optimistic after report from a private consultancy company in Vienna showed global oil demand rose by 1.5 million barrels per day in January-April period stemming from stronger consumption in the US, China and India.

WTI – No settlement due to public holidays

Bren closed at $49.76/barrel (+$0.44) July delivery