Oil rallies in Asia as eurozone debt concerns ease

SINGAPORE, Nov 28 (AFP): Crude prices soared in Asia Monday on reports that the IMF could bail out Italy as European giants France and Germany explored more radical measures to shore up the eurozone, analysts said. New York's main contract, light sweet crude for delivery in January, gained $1.52 to $98.29 per barrel in the afternoon. Brent North Sea crude for January delivery rose $1.26 to $107.66. Reports that the International Monetary Fund (IMF) was considering a 600 billion euro ($800 billion) bailout for Italy "could be one of the factors" behind the crude rally, said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore.