DIARY - MidEast/African holidays to December 2008

Reuters: [2008-05-26 12:02:00]

Market holiday - Markets and exchanges closed.

Public holiday - Government offices, banks and ordinary businesses closed.

REUTERS DIARY OF MIDDLE EAST/AFRICAN HOLIDAYS

Double-click in brackets for Americas holidays [HOL1/DIARY], Asian holidays [HOL2/DIARY] and European holidays [HOL3/DIARY]

Alternatively click on <HOLIDAY> to retrieve dates by country.

** Details below represent the latest information available and will be supplemented later, particularly with updated entries for Muslim holidays.

(Note: Dates for Eid al-Fitr, Eid el-Adha, Muslim New Year and Prophet Mohammed's Birthday may differ slightly depending on the sighting of the moon)

************************************************************

2008 MARKET HOLIDAYS

************************************************************

** MORE COUNTRIES WILL BE ADDED AS AND WHEN THE DATES ARE CONFRIMED

MAY

MONDAY, MAY 12

BENIN - Whit Monday - Market Holiday

TUESDAY, MAY 20

CAMEROON - National Day - Market Holiday

WEDNESDAY, MAY 21

CAMEROON - Sheep Festival - Market Holiday

SATURDAY, MAY 24

BURUNDI - Ascension - Market Holiday

SUNDAY, MAY 25

CHAD - Market Holiday

COMOROS - Anniversary of the Organisation of the African Unity - Market Holiday

ZIMBABWE - Africa Day - Market Holiday

THURSDAY, MAY 29

COMOROS - Anniversary of the Death of President Ali Soilih - Market Holiday

NIGERIA - Democracy Day - Market Holiday

JUNE

SUNDAY, JUNE 1

KENYA - Madaraka Day - Market Holiday

MONDAY, JUNE 2

KENYA - Rollover from Madaraka Day - Market Holiday

TUESDAY, JUNE 3

BURUNDI - Pentecost - Market Holiday

SUNDAY, JUNE 8

ISRAEL - Pentecost (Shavout) Eve - Market Holiday

MONDAY, JUNE 9

ISRAEL - Pentecost (Shavout) - Market Holiday

TUESDAY, JUNE 10

CONGO REPUBLIC - Commemoration of the National Sovereign Conference - Market Holiday

MONDAY, JUNE 16

SOUTH AFRICA - Youth Day - Market Holiday

JULY

TUESDAY, JULY 1

BOTSWANA - Sir Seretse Khama Day - Market Holiday

BURUNDI - Independence Day - Market Holiday

EGYPT - Banks Holiday - Market Holiday

SUNDAY, JULY 6

COMOROS - Independence Day - Market Holiday

WEDNESDAY, JULY 23

EGYPT - Revolution Day - Market Holiday

OMAN - Renaissance Day - Market Holiday

WEDNESDAY, JULY 30

CAMEROON - Ascension on the Prophet - Market Holiday

KUWAIT - Isra Wa Miraj - Market Holiday (Subject to sighting of the moon)

UNITED ARAB EMIRATES - The Prophet's Ascension - Market Holiday (DGCX/DIFX)

AUGUST

FRIDAY, AUG 1

BENIN - Independence Day - Market Holiday

SATURDAY, AUG 9

SOUTH AFRICA - National Women's Day - Market Holiday

SUNDAY, AUG 10

ISRAEL - Tisha Be'Av - Fast Day - Market Holiday

MONDAY, AUG 11

CHAD - Market Holiday

ZIMBABWE - Heroes Day - Market Holiday

TUESDAY, AUG 12

ZIMBABWE - Force Day - Market Holiday Defence

WEDNESDAY, AUG 13

CENTRAL AFRICAN REPUBLIC - Independence Day - Market Holiday

     
    FRIDAY, AUG 15 
    BENIN -  Assumption Day - Market Holiday 
    BURUNDI - Assumption Day - Market Holiday 
    CAMEROON - Assumption - Market Holiday 
    CENTRAL AFRICAN REPUBLIC - Assumption - Market Holiday 
    CONGO REPUBLIC - National Day - Market Holiday 
    LEBANON - Assumption of the Virgin Mary - Market Holdiay 
     
    SEPTEMBER 
     
    TUESDAY, SEPT 23 
    SAUDI ARABIA - Natinal Day - Market Holiday 
     
    WEDNESDAY, SEPT 24 
    SOUTH AFRICA - Heritage Day - Market Holiday 
     
    SATURDAY, SEPT 27 
    SAUDI ARABIA - Eid Al Fitr - Market Holiday (Subject to 
sighting of the moon) 
     
    SUNDAY, SEPT 28 
    SAUDI ARABIA - Eid Al Fitr - Market Holiday (Subject to 
sighting of the moon) 
     
    MONDAY, SEPT 29 
    ISRAEL - Jewish New Year's (Rosh Hasha nah) Eve - Market 
Holiday 
    SAUDI ARABIA - Eid Al Fitr - Market Holiday (Subject to 
sighting of the moon) 
    UNITED ARAB EMIRATES - Eid al-Fitr - Market Holiday (DGCX) 
     
    TUESDAY, SEPT 30 
    ISRAEL - Jewish New Year I (Rosh Hasha nah) - Market Holiday 
    SAUDI ARABIA - Eid Al Fitr - Market Holiday (Subject to 
sighting of the moon) 
    UNITED ARAB EMIRATES - Eid al-Fitr - Market Holiday (DGCX) 
     
    OCTOBER 
     
    WEDNESDAY, OCT 1 
    BAHRAIN - Eid Al Fitr - Market Holiday (Subject to sighting 
of the moon) 
    CAMEROON - Unification Day - Market Holiday 
    EGYPT - 1st Islamic Feast - Market Holiday 
    KUWAIT - Eid Al Fitr - Market Holiday (Subject to sighting 
of the moon) 
    ISRAEL - Jewish New Year II(Rosh Hasha nah) - Market Holiday 
    LEBANON - Id Al Fitr - Market Holdiay (TENTATIVE) 
    NIGERIA - Independence day - Market Holiday 
    OMAN - Eid Al Fitr - Market Holiday (Subject to sighting of 
the moon) 
    QATAR - Eid Al Fitr - Market Holiday (Subject to sighting of 
the moon) 
    SAUDI ARABIA - Eid Al Fitr - Market Holiday (Subject to 
sighting of the moon) 
    UNITED ARAB EMIRATES - Eid al-Fitr - Market Holiday 
(DGCX/DIFX/DFM/ADSM), (Subject to sighting of the moon) 
     
    THURSDAY, OCT 2 
    BAHRAIN - Eid Al Fitr - Market Holiday (Subject to sighting 
of the moon) 
    BENIN -  Eid Al Fitr - Market Holiday 
    CAMEROON - Djoulde Soume(End of Ramadan) - Market Holiday 
    CHAD - Market Holiday 
    COMOROS - Eid al Fitr - Market Holiday 
    KUWAIT - Eid Al Fitr - Market Holiday (Subject to sighting 
of the moon) 
    LEBANON - Id Al Fitr - Market Holdiay (TENTATIVE) 
    NIGERIA - Eidel Fitri - Market Holiday (TENTATIVE) 
    OMAN - Eid Al Fitr - Market Holiday (Subject to sighting of 
the moon) 
    QATAR - Eid Al Fitr - Market Holiday (Subject to sighting of 
the moon) 
    UNITED ARAB EMIRATES - Eid al-Fitr - Market Holiday 
(DGCX/DFM/ADSM), (Subject to sighting of the moon) 
     
    MONDAY, OCT 6 
    EGYPT - Forces Day - Market Holiday 
     
    WEDNESDAY, OCT 8 
    ISRAEL - Day of Atonement (Yom Kippur) Eve - Market Holiday 
     
    THURSDAY, OCT 9 
    ISRAEL - Day of Atonement (Yom Kippur) - Market Holiday 
     
    FRIDAY, OCT 10 
    KENYA - Moi Day - Market Holiday 
     
    MONDAY, OCT 13 
    BURUNDI - Assassination of Prince Louis Rwagasore - Market 
Holiday 
    ISRAEL - Feast of Tabernacles (Sukkot) Eve - Market Holiday 
     
    TUESDAY, OCT 14 
    ISRAEL - Feast of Tabernacles (Sukkot) - Market Holiday 
     
    MONDAY, 0CT 20 
    ISRAEL - Rejoicing of the Law (Simchat Tora) Eve - Market 
Holiday 
    KENYA - Kenyatta Day / Heroes Day - Market Holiday 
     
    TUESDAY, 0CT 21 
    BURUNDI - Assassination of President Melchior Ndadaye - 
Market Holiday 
    ISRAEL - Rejoicing of the Law (Simchat Tora)  - Market 
Holiday 
     
    SUNDAY, OCT 26 
    BENIN -  Armed Forces Day - Market Holiday 
     
    NOVEMBER 
     
    SATURDAY, NOV 1 
    BENIN -  All Saints Day - Market Holiday  
    BURUNDI - All Saints Day - Market Holiday 
    CENTRAL AFRICAN REPUBLIC - All Saints Day - Market Holiday 
    CHAD - Market Holiday 
    CONGO REPUBLIC - All Saints Day - Market Holiday 
     
    SATURDAY, NOV 22 
    LEBANON - Independence Day - Market Holdiay 
     
    WEDNESDAY, NOV 26 
    COMOROS - Anniversary of the Death of President Ahmed 
Abdallah - Market Holiday 
     
    THURSDAY, NOV 27 
    UNITED ARAB EMIRATES - Thanksgiving Day - Market Holiday 
(DGCX) 
     
    FRIDAY, NOV 28 
    CHAD - Market Holiday 
    OMAN - National Day - Market Holiday (Subject to sighting of 
the moon) 
     
    SATURDAY, NOV 29 
    OMAN - National Day - Market Holiday (Subject to sighting of 
the moon) 
     
    SUNDAY, NOV 30 
    BENIN -  National Day - Market Holiday 
     
    DECEMBER 
     
    MONDAY, DEC 1 
    CENTRAL AFRICAN REPUBLIC - National Day - Market Holiday 
    CHAD - Market Holiday 
     
    SATURDAY, DEC 6 
    SAUDI ARABIA - Eid Al Adha - Market Holiday (Subject to 
sighting of the moon) 
     
    SUNDAY, DEC 7 
    EGYPT - 2nd Islamic Feast - Market Holiday 
    SAUDI ARABIA - Eid Al Adha - Market Holiday (Subject to 
sighting of the moon) 
     
    MONDAY, DEC 8 
    BAHRAIN - Eid Al Adha - Market Holiday (Subject to sighting 
of the moon) 
    COMOROS - Eid al Adha - Market Holiday 
    KUWAIT - Mount Arafat Day/Eid Al Adha - Market Holiday 
(Subject to sighting of the moon) 
    LEBANON - Id Al-Adha - Market Holdiay (TENTATIVE) 
    NIGERIA - Eidel Kabir - Market Holiday (TENTATIVE) 
    QATAR - Eid Al Adha - Market Holiday (Subject to sighting of 
the moon) 
    SAUDI ARABIA - Eid Al Adha - Market Holiday (Subject to 
sighting of the moon) 
     
    TUESDAY, DEC 9 
    BAHRAIN - Eid Al Adha - Market Holiday (Subject to sighting 
of the moon) 
    BENIN -  Tabaski - Market Holiday 
    CAMEROON - Eid Al Adha (Festival of Sacrifice) - Market 
Holiday 
    CHAD - Market Holiday 
    KUWAIT - Mount Arafat Day/Eid Al Adha - Market Holiday 
(Subject to sighting of the moon) 
    LEBANON - Id Al-Adha - Market Holdiay (TENTATIVE) 
    QATAR - Eid Al Adha - Market Holiday (Subject to sighting of 
the moon) 
    SAUDI ARABIA - Eid Al Adha - Market Holiday (Subject to 
sighting of the moon) 
     
    WEDNESDAY, DEC 10 
    SAUDI ARABIA - Eid Al Adha - Market Holiday (Subject to 
sighting of the moon) 
     
    FRIDAY, DEC 12 
    KENYA - Independence Day - Market Holiday 
     
    TUESDAY, DEC 16 
    BAHRAIN - National Day - Market Holiday 
    SOUTH AFRICA - Day of Reconciliation - Market Holiday 
     
    WEDNESDAY, DEC 17 
    BAHRAIN - National Day - Market Holiday 
     
    THURSDAY, DEC 18 
    QATAR - National Day - Market Holiday 
     
    WEDNESDAY, DEC 19 
    OMAN - Eid Al Adha - Market Holiday (Subject to sighting of 
the moon) 
     
    THURSDAY, DEC 20 
    KENYA - Idd ul Hajj - Market Holiday 
    OMAN - Eid Al Adha - Market Holiday (Subject to sighting of 
the moon) 
     
    MONDAY, DEC 22 
    ZIMBABWE - National Unity Day - Market Holiday 
     
    THURSDAY, DEC 25 
    BENIN -  Christmas Day - Market Holiday 
    BOTSWANA - Christmas Day - Market Holiday 
    BURUNDI - Christmas Day - Market Holiday 
    CAMEROON - Christmas Day - Market Holiday 
    CENTRAL AFRICAN REPUBLIC - Christmas Day - Market Holiday 
    CHAD - Market Holiday 
    COMOROS - Christmas Day - Market Holiday 
    CONGO REPUBLIC - Christmas Day - Market Holiday 
    KENYA - Christmas Day - Market Holiday 
    LEBANON - Christmas Day - Market Holdiay  
    NIGERIA - Christmas Day - Market Holiday 
    SOUTH AFRICA - Christmas Day - Market Holiday 
    ZIMBABWE - Christmas Day - Market Holiday 
     
    FRIDAY, DEC 26 
    BOTSWANA - Boxing Day - Market Holiday 
    KENYA - Boxing Day - Market Holiday 
    NIGERIA - Boxing Day - Market Holiday 
    SOUTH AFRICA - Day of Goodwill - Market Holiday 
    ZIMBABWE - Family Day - Market Holiday 
     
    MONDAY, DEC 29 
    COMOROS - Muharram (Islamic New Year) - Market Holiday 
    LEBANON - Hegria New Year - Market Holdiay (TENTATIVE) 
     
    ** For more holidays information, double click on <HOLIDAY> 
     
     
    -------------------------------------------------------- 
    RT users double-click on [IND/DIARY] for an index of all 
diaries. 
    -------------------------------------------------------- 
    Reuter Diary Desk +00 44 207 542 7992, or e-mail 
    diaries@reuters.com or sai.bhatt@reuters.com 
     
    NOTE: The inclusion of diary items does not necessarily mean 
that Reuters will file a story based on the event. 
  

TAKE A LOOK-Oil at over $130

Reuters: [2008-05-26 08:57:00]

    Oil prices have climbed more than a third this year in a 
rally that has rung alarm bells in consumer countries. 
    On Thursday, oil prices hit a record peak of $135 a barrel, 
before profit-taking pulled them back toward $132. 
    To read Reuters stories on this issue, please double-click 
on the codes in the brackets below. 
 LATEST NEWS 
> Oil rises towards $133 on supply concerns, weak dollar   [O/R] 
> Oil may rise further -Israel cenbank's Fischer    [nL26181384] 
> StatoilHydro restarts 2 fields after N.Sea leak   [nL26220690] 
> UAE ready to boost oil output when needed-oil min  [nSP271832] 
> Iraq starts repairing refinery pipelines          [nL25668325] 
> Iran aims to raise oil output by March -agency    [nDAH529265] 
> ECB's Papademos: oil prices pressure growth     [ID:nL2589926] 
> Obama says fuel prices will change U.S. car habits[nN24300151] 
 
 SUPPLY 
> Statfjord oil clean-up done, StatoilHydro says    [nL25701695] 
> OPEC says not worried by ageing oil fields     [ID:nN23330405] 
> Sinopec says tax rebate barely covers loss        [nPEK152289] 
> Sinopec opens 97 pct of gas wells shut by quake[ID:nPEK162396] 
> Khursaniyah oilfield not pumping yet-Aramco     [ID:nL2565644] 
> Kuwait says oil leak stopped at Ahmadi refinery [ID:nL2487656] 
> IEA reviewing long-term oil supply outlook     [ID:nL22791409] 
> Non-OPEC oil output growth slows to a trickle  [ID:nL23881009] 
> Oil price defies swelling supplies             [ID:nL20527515] 
> China hit by diesel shortages as crude soars   [ID:nPEK151156] 
> Record oil fixes attention on long-term supply [ID:nL20683765] 
> Fears of future energy crunch tilt oil curve   [ID:nN21407953] 
> Scant price relief if US stops filling reserves[ID:nN14504832] 
 
 SUBSIDIES FACTOR 
> India to raise fuel prices, inflation a worry  [ID:nDEL241417] 
> Amid fuel protests Indonesia targets poor       [ID:nSP102339] 
> Malaysia to review fuel subsidy on May 27-report[ID:nSP263484] 
> Fuel to stay cheap for some, keep oil expensive [ID:nSP255439] 
> China won't deregulate fuel prices soon -paper [ID:nPEK176649] 
> Russian motorists protest over petrol prices   [ID:nL24398396] 
 
 ECONOMIC IMPACT 
> Trichet says shocks not over for economy -WSJ   [ID:nSP262467] 
> Oil shock threatens lasting changes to US econ [ID:nN23205969] 
> Oil price may dampen market progress-IMF       [ID:nN16434718] 
> Think oil prices hurt now? Just wait           [ID:nN22489672] 
 
 PRICE DIRECTION 
> Paulson-oil demand/supply cause for price rise [ID:nN22524146] 
> Oil bears hard to find after record run        [ID:nL08591525] 
> Goldman sharply raises oil price forecast      [ID:nL16867930] 
> SG, Credit Suisse raise oil price forecasts    [ID:nL20784581] 
> Pickens sees $150 crude oil in 2008 -- CNBC    [ID:nN20284358] 
> POLL-Analysts raise 2008 oil forecasts                [O/POLL] 
> Heatoil seen costlier than gasoline this summer[ID:nN22510680] 
 
 DOLLAR EFFECT 
> Stronger U.S dollar may push crude prices lower[ID:nN22455065] 
> Oil and growth to support euro against dollar    [ID:nL219824] 
 
 OPEC 
> OPEC says ready to act but no need for hike    [ID:nN22498430] 
> U.S. says extra Saudi oil inadequate           [ID:nN22464982] 
> U.S. House passes bill to sue OPEC over oil    [ID:nN20322903] 
> No need for more OPEC oil-Iran OPEC governor   [ID:nL22800739] 
> OPEC oil supply rising in May-Petrologistics   [ID:nL21676420] 
> OPEC will not meet before Sept-OPEC President   [ID:nL1929254] 
 
 OIL COMPANIES 
> TNK-BP output at risk as shareholders disagree    [nL26173642] 
> Saudi Aramco eyes $129 bln investment in 5 yrs  [ID:nL2568812] 
> Chinese oil firms eye Talisman, Santos -report [ID:nHKG162741] 
> Shell CEO says record oil not due to shortage  [ID:nL22322897] 
> Oil companies plan for higher crude prices     [ID:nL21557689] 
> Investors get much of oil firms' cash windfall   [ID:nL095557] 
 
 CORPORATE IMPACT 
> Detroit automakers at the brink as oil surges  [ID:nN22344702] 
> Airline shares hit as fuel bills dent profits   [ID:nSP195922] 
> Record oil prices test survival of US airlines  [IDnN22487734] 
 
 ALTERNATIVES 
> US greens wary of ecological cost of record oil[ID:nN23529596] 
> Alternative energy execs dream of oil crunch   [ID:nL22934789] 
     
 LIVE PRICES & DATA 
 ICE Brent          <0#LCO:>  ICE Gas oil               <0#LGO:> 
 NYMEX Crude         <0#CL:>  NYMEX Heating oil          <0#HO:> 
 NYMEX gasoline      <0#RB:>  Brent,Dubai paper <0#BRT-><0#DUB-> 
 ............................................................... 
 TOP NEWS SUMMARIES ON OTHER SUBJECTS 
 Reuters Front Page     [TOP/NEWS]  Global Economy  [TOP/MACRO] 
 Politics and General   [TOP/G] 
 U.S. Companies         [TOP/EQU]   European Companies [TOP/EQE] 
 Asian Companies        [TOP/EQA]   Forex              [TOP/FRX] 
 Sports                 [TOP/SPO] 
 ............................................................... 
 HOW TO FIND INFORMATION YOU NEED 
  <REUTERS>    <NEWS>    <PHONE/HELP>    <EQUITY> 
  <BONDS>      <MONEY>   <COMMODITY>     <ENERGY> 
 ............................................................... 
 Page editor: +65 6870 3923; clarence.fernandez@reuters.com 
 ............................................................... 
 
Keywords: OIL/TAKE A LOOK 
    

UPDATE 2-Oil rises towards $133 on supply concerns, weak dollar

Reuters: [2008-05-26 08:15:00]

(Updates prices, StatoilHydro comments, analyst's comment)

By Fayen Wong

PERTH, May 26 (Reuters) - Oil rose towards $133 a barrel on Monday, extending the previous session's gains on a supply outage at the Statfjord oilfield in the North Sea and a weak U.S. dollar.

U.S. light crude for July delivery <CLc1> rose 61 cents to $132.80 a barrel by 0556 GMT, extending Friday's gains of $1.38. It struck a record high of $135.09 in intraday trade last week.

London Brent crude <LCOc1> rose 43 cents to $132.

"It's very much the U.S. currency at play. The market is re-assessing the dollar and has probably taken the view that the dollar hasn't bottomed out and may fall further," said Mark Pervan, a senior commodities analyst at the Australia & New Zealand (ANZ) Bank.

The U.S. dollar steadied near one-month lows against a basket of major currencies on Monday, after falling late last week on concerns that surging oil prices could further slow the U.S. economy. [USD/]

Norwegian oil and gas producer StatoilHydro <STL.OL>, which had shut its North Sea oil fields with a capacity of about 138,000 barrels per day (bpd) on Saturday due to an oil spill, said on Monday it has restarted production at two fields, but its 19,000 bpd Statfjord A field was still shut in. [ID:nOSL001284]

Longer-term worries that supply will struggle to keep up with demand over the next few years also continue to support prices.

OPEC Secretary-General Abdullah al-Badri said on Friday he was not worried about reports of faster-than-expected depletion in the world's biggest oil fields and repeated his position that runaway oil prices were caused by speculation and not by supply problems. [ID:nN23330405]

A Reuters survey last week showed that non-OPEC production had stagnated and would remain below 50 million barrels per day this year. [ID:nL22759577]

Other OPEC member the United Arab Emirates said on Sunday it was ready to boost oil output if necessary.

"We are always happy to put more oil in the market if the market needs more," UAE Oil Minister Mohammed al-Hamli told Reuters when asked if UAE would raise supply with the Saudis. Hamli declined to say if the UAE planned to boost output in June. [ID:nSP271832]

Oil prices have climbed by around a third since the start of the year as investors seeking a hedge against inflation and the falling U.S. dollar pile into commodities.

Concern that record oil prices could dent global demand was the key downside risk.

European Central Bank President Jean-Claude Trichet said the potential economic fallout from financial market turmoil, along with rising food and commodity prices, could shock the economy further, while Vice President Lucas Papademos said inflation pressures had intensified due to rising oil prices, which were also dampening growth [ID:nSP262467] [ID:nL2589926].

In the U.S., data released on Friday showed that highway miles driven in March fell 4.3 percent from a year earlier, the first time this has happened in March since the last major oil shock in 1979.

Road travel during the Memorial Day holiday over the weekend was expected to be 1 percent lower than last year, the first such decline since 2002.

(Reporting by Fayen Wong; Editing by Clarence Fernandez) ((fayen.wong@reuters.com; +618 9456 1947; Reuters Messaging: fayen.wong.reuters.com@reuters.net)) Keywords: MARKETS OIL/

UPDATE 1-Oil extends gains on supply concerns, weak dollar

Reuters: [2008-05-26 05:14:00]

(Adds comments by the UAE, updates prices)

By Fayen Wong

PERTH, May 26 (Reuters) - Oil rose towards $133 a barrel on Monday, extending the previous session's gains on a supply outage at the Statfjord oilfield in the North Sea and a weak U.S. dollar.

U.S. light crude for July delivery <CLc1> rose 40 cents to $132.59 a barrel by 0229 GMT, extending Friday's gains of $1.38. It struck a record high of $135.09 in intraday trade last week.

London Brent crude <LCOc1> rose 33 cents to $131.90.

"The market is continuing to focus on supply side concerns and the outage at Statfjord field is an issue," said Gerard Burg, a commodities analyst at the National Australian Bank.

An oil spill at Statfjord shut about 138,000 barrels per day of production on Saturday and triggered the evacuation of workers, operator StatoilHydro said.

StatoilHydro said on Sunday the oil spill had been cleaned up, all workers had returned to the platform and preparations were under way to restart production. [ID:nL25701695]

Longer-term worries that supply will struggle to keep up with demand over the next few years also continue to support prices.

OPEC Secretary-General Abdullah al-Badri said on Friday he was not worried about reports of faster-than-expected depletion in the world's biggest oil fields and repeated his position that runaway oil prices were caused by speculation and not by supply problems. [ID:nN23330405]

A Reuters survey last week showed that non-OPEC production had stagnated and would remain below 50 million barrels per day this year. [ID:nL22759577]

Other OPEC member the United Arab Emirates said on Sunday it was ready to boost oil output if necessary.

"We are always happy to put more oil in the market if the market needs more," UAE Oil Minister Mohammed al-Hamli told Reuters when asked if UAE would raise supply with the Saudis. Hamli declined to say if the UAE planned to boost output in June. [ID:nSP271832]

Analysts said continued weakness in the U.S. dollar, which eased towards one-month lows against a basket of major currencies on Monday, was helping support oil's rise.

Oil prices have climbed by around a third since the start of the year as investors seeking a hedge against inflation and the falling U.S. dollar pile into commodities.

Concern that record oil prices could dent global demand was the key downside risk.

European Central Bank President Jean-Claude Trichet said the potential economic fallout from financial market turmoil, along with rising food and commodity prices, could shock the economy further, while Vice President Lucas Papademos said inflation pressures had intensified due to rising oil prices, which were also dampening growth [ID:nSP262467] [ID:nL2589926].

In the U.S., data released on Friday showed that highway miles driven in March fell 4.3 percent from a year earlier, the first time this has happened in March since the last major oil shock in 1979.

Road travel during the Memorial Day holiday over the weekend was expected to be 1 percent lower than last year, the first such decline since 2002. (Reporting by Fayen Wong; Editing by Michael Urquhart) ((fayen.wong@reuters.com; +618 9456 1947; Reuters Messaging: fayen.wong.reuters.com@reuters.net)) Keywords: MARKETS OIL/

Oil extends gains on supply concerns, weak dollar

Reuters: [2008-05-26 02:40:00]

By Fayen Wong

PERTH, May 26 (Reuters) - Oil rose towards $133 a barrel on Monday, extending the previous session's gains, due to a supply outage at the large Statfjord oilfield in the North Sea and a weak U.S. dollar.

U.S. light crude for July delivery <CLc1> rose 40 cents to $132.59 a barrel by 0017 GMT. It settled up $1.38 at $132.19 a barrel on Friday after striking a record high of $135.09 in intraday trade last week.

London Brent crude <LCOc1> rose 30 cents to $131.87.

"The market is continuing to focus on supply side concerns and the outage at Statfjord fields is an issue," said Gerard Burg, a commodities analyst at the National Australian Bank.

Analysts said continued weakness in the U.S. dollar was also supporting oil's rise.

An oil spill at Statfjord shut about 138,000 barrels per day of production on Saturday and triggered the evacuation of workers, operator StatoilHydro said.

StatoilHydro said on Sunday the oil spill had been cleaned up, all workers had returned to the platform and preparations were under way to restart production. [ID:nL25701695]

Worries that supply would struggle to keep up with demand over the next few years also supported prices.

OPEC Secretary-General Abdullah al-Badri said on Friday he was not worried about reports of faster-than-expected depletion in the world's biggest oil fields and repeated his position that runaway oil prices were caused by speculation and not by supply problems. [ID:nN23330405]

A Reuters survey last week showed that non-OPEC production had stagnated and would remain below 50 million barrels per day this year. [ID:nL22759577]

Oil prices have climbed by around a third since the start of the year as investors seeking a hedge against inflation and the falling U.S. dollar pile into commodities.

Analysts said concern that record oil prices could dent global demand was the key downside risk.

European Central Bank President Jean-Claude Trichet said the potential economic fallout from financial market turmoil, along with rising food and commodity prices, could shock the economy further [ID:nSP262467], while Vice President Lucas Papademos said inflation pressures had intensified due to rising oil prices, which were also dampening growth [ID:nL2589926].

In the U.S., data released on Friday showed that highway miles driven in March fell 4.3 percent from a year earlier, the first time this has happened in March since the last major oil shock in 1979.

Road travel during the Memorial Day holiday over the weekend was expected to be 1 percent lower than last year, the first such decline since 2002.

Crude oil speculators on the New York Mercantile Exchange trimmed net long positions last week, according to data from the Commodity Futures Trading Commission released on Friday.

Net long positions fell to 50,060 in the week to May 20 from 71,767 the previous week. (Reporting by Fayen Wong; Editing by Alan Raybould) ((fayen.wong@reuters.com; +618 9456 1947; Reuters Messaging: fayen.wong.reuters.com@reuters.net)) Keywords: MARKETS OIL/