•Crude futures started the new week still in bullish mood, with the whole complex moving higher in European morning trading and front-month NYMEX light sweet crude hitting a fresh record-high trade at $119.93/barrel. ICE Brent also came within a few cents of a new record in earlier trading, hitting an intra-day high of $117.51/b.

•In addition to the Grangemouth strike and its effect on North Sea production, various supply issues in Nigeria kept oil prices well supported despite a strengthening of the US dollar, sources said.

•"The market sentiment is bullish on the back of Grangemouth, North Sea and Nigeria supply disruptions, nothing really new," a London-based broker said. "However, some softening in front spreads took place following the confirmation from Ineos that Grangemouth will reopen tomorrow... that could send prices down a bit," the broker added.

•On Sunday night, BP shut down its North Sea Forties Crude Pipeline System (FPS) as a result of a strike at the Grangemouth refinery in Scotland, a company spokeswoman said.

Updated: April 28, 2008