Oil zooms after Kuwait blast

Oil zooms after Kuwait blast

LONDON, JUNE 26: Oil prices remained stubbornly high on Monday fuelled by an explosion at Kuwait's biggest refinery which triggered frantic trading in the Asian petroleum product market.

"The market's ability to stay high would suggest that the increase is not enough to dampen prices at the moment," said a London oil broker. OPEC also reached a modified agreement on an automatic production trigger mechanism in Vienna last week, the Middle East Economic Survey reported on Monday. MEES said the device required OPEC to cut or raise production by 500,000 bpd if prices stray outside a band of $22-$28 a barrel for a specified period.