Oil Prices Increased In Asia Trade
Monday, August 24, 2009 at 5:43 pm
SINGAPORE: Oil prices rose in Asian trade Monday, bolstered by improved investor sentiment amid widespread hopes for a global economic recovery, analysts said.
A weaker US dollar was also a factor behind the surge in oil prices, they said. New York’s main contract, light sweet crude for October delivery, gained 25 cents to 74.14 dollars a barrel. Brent North Sea crude for October delivery advanced 44 cents to 74.63 dollars.
The New York contract soared to 74.72 dollars during US trading Friday, a level last seen on October 20 2008, before easing to close at 73.89 dollars.A slew of economic data released last week suggested the US economy and euro-zone economies were likely recovering, boosting hopes that energy demand in turn would see an up tick, analysts said.
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