Morning Report: ASX 200 set for further gains – oil prices in the spotlight

US sharemarkets were closed for a public holiday overnight although in after-hours trade S&P 500 futures ended what would have been the day session with a gain of 0.5%. In European trade, energy names rose in response to higher oil prices. Global oil prices rallied to fresh 13 month highs on as US shale production was disrupted by cold weather in Texas. Permian Basin oil production has fallen by as much as 1 million barrels a day as temperatures plummeted in Texas. Brent crude rose by US87 cents or 1.4% to US$63.30 a barrel. And the US Nymex gained US65 cents or 1.1% to US$60.12 a barrel.