April 15, 2008	Tuesday	Rabi-us-Sani 8, 1429

LONDON, April 14: World oil prices rebounded sharply on Monday as traders tracked the weak dollar, tightening US energy supplies and fresh geopolitical troubles in key crude producer Nigeria.

Prices held close to record highs of above $112 reached last week on news of falling energy stockpiles in the United States.

On Monday, New York’s main oil contract, light sweet crude for delivery in May, jumped $1.05 to $111.19 per barrel. The contract had rocketed to a record $112.21 last Wednesday.

In London on Monday, London’s Brent North Sea crude for May won 68 cents to $109.43 per barrel.

Traders seized on fresh supply concerns in the United States, which is the world’s biggest economy and the largest consumer of energy.

Analysts said reports of a temporary shutdown to repair a small leak in Shell’s Capline pipeline system, which transports oil into the US Midwest, helped to boost prices.—AFP