April 14, 2007	Saturday	Rabi-ul-Awwal 25, 1428

LONDON, April 13: The price of Brent North Sea crude hit a seven-month high of $69.59 a barrel on Friday on concerns that current oil supplies may be insufficient to meet demand, traders said.

Brent North Sea crude for May delivery later stood at $69.16 per barrel in London electronic deals, up 44 cents from Thursday. The contract expires at the close.

New York's main oil futures contract, light sweet crude for delivery in May, gained five cents to $63.90 per barrel in floor trading. Earlier Friday it went as high as $64.58.

“Oil futures were higher today (Friday) with Brent crude trading well above $69 per barrel ... on the back of concerns over refinery glitches in the US,” Sucden analyst Michael Davies said in London.

“Market participants are worried about falling US gasoline supplies as a result of recent refinery outrages ahead of the summer driving season,” he added.

Gasoline stockpiles are a crucial focus for the market ahead of the so-called US driving season that starts next month and sees many Americans take to their cars for their holidays.

“People are looking at the strong demand for gasoline in the US,” said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.

Emori added that gasoline demand in the US market was 1.9 per cent higher than a year ago.

Meanwhile on Thursday, the International Energy Agency warned that the Opec oil producers' group might have cut its production too much, with insufficient current output eroding world stock levels.Crude futures were ending the week strongly after slumping on Monday.

The New York contract had dived $2.77 and Brent shed $1.28 on Monday, as investors banked profits in light Easter trade.

However, they began rebounding on Tuesday as key crude producer Iran again tested Western nerves.

There are concerns that Iran may disrupt its oil exports should it be hit harder. —AFP