Oil hits 22-mont high in Asian trade<\/p>\n
SINGAPORE (Reuters): Crude prices in Asia rose to fresh 22-
\nmonth highs on Wednesday, underpinned by producers' tight grip on
\nworld supplies.<\/p>\n
October Brent crude futures, trading on the Singapore
\nInternational Monetary Exchange (SIMEX) rose to $21.48 per
\nbarrel, the highest level since October 1997.<\/p>\n
The price level represents the latest in a succession of highs
\nfor oil, which has more than doubled in price since February as
\nkey producers -- dominated by OPEC -- tightened the taps on
\nproduction.<\/p>\n
October Brent on SIMEX was holding at $21.48 at 0800 GMT, up
\n15 cents from London's close on Tuesday.<\/p>\n
However, October New York Mercantile Exchange (NYMEX) crude
\nfutures -- on the after-hours ACCESS system -- were four cents
\nlower at $22.07 per barrel when compared with New York's close on
\nTuesday.<\/p>\n
The Saturday meeting in Caracas between oil ministers of
\nOPEC's Saudi Arabia and Venezuela, plus non-OPEC's Mexico
\nreinforced the view that producers would not loosen supplies
\nuntil April 2000.<\/p>\n
Traders said American Petroleum Institute (API) data released
\nlate on Tuesday in New York did not provide a clear outlook for
\nthe market.<\/p>\n
The data showed that national crude stocks rose 2.6 million
\nbarrels last week from the week earlier, when the market had
\nexpected a two-million barrel drop.<\/p>",
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