Oil markets remain tight with thin spare capacity at a time when global oil demand is picking up, likely giving support to higher prices in the coming months, Barclays says. Nymex crude for June delivery settled up $1.09, or 1.2%, at $92.57/bbl Monday. ICE Brent crude settled up $1.67, or 1.6%, at $108.81/bbl. Although G-8 leaders recently didn't commit to a release from strategic petroleum reserves, the issue is set to stay live in the market throughout the year. "In our view, working on the assumption that a 30 million barrel release is repeated, similar to last August, we do not foresee a lasting impact on prices," Barclays says. OECD oil demand for both January and February has been revised higher by well over 600,000 b/d, although Chinese apparent oil consumption in April was weak, weighed by poor petrochemical demand, it adds. Nymex crude for June delivery is now up 38 cents at $92.95/bbl on Globex.
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