Oil prices up on hints of US exports

Oil prices extended gains in Asian trade Wednesday following comments by a top US energy official that the world's biggest crude consumer is considering lifting a longstanding ban on exports.
New York's main contract, West Texas Intermediate (WTI) for June delivery, was up 38 cents to $102.08 in afternoon trade while Brent North Sea crude for June gained 21 cents to $109.45 per barrel.
Prices were well-supported following "news that the US government is reexamining its crude-oil exports ban in light of growing domestic oil production," Singapore's United Overseas Bank said in a note.
Secretary of Energy Ernest Moniz said Tuesday the US is reviewing its ban on crude exports, but did not specify what options are being weighed, according to AFP.