Oil rises in Asia
Tuesday, 25 August 2009
SINGAPORE, Aug 24 (AFP): Oil prices rose in Asian trade today, bolstered by improved investor sentiment amid widespread hopes for a global economic recovery, analysts said.
New York's main contract, light sweet crude for October delivery, gained 38 cents to 74.27 dollars a barrel.
Brent North Sea crude for October delivery advanced 15 cents to 74.34 dollars.
New York crude prices scaled new 2009 highs last week, rising above 74 dollars Friday on a weak greenback, an improved US macro-economic outlook and positive eurozone data.
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 uptick, analysts said.
Last week, the National Association of Realtors reported that US existing- home sales surged 7.2 per cent in July to a seasonally adjusted annual rate of 5.24 million units, lifting hopes the world's biggest economy was heading for a recovery.
New York's main contract, light sweet crude for October delivery, gained 38 cents to 74.27 dollars a barrel.
Brent North Sea crude for October delivery advanced 15 cents to 74.34 dollars.
New York crude prices scaled new 2009 highs last week, rising above 74 dollars Friday on a weak greenback, an improved US macro-economic outlook and positive eurozone data.
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 uptick, analysts said.
Last week, the National Association of Realtors reported that US existing- home sales surged 7.2 per cent in July to a seasonally adjusted annual rate of 5.24 million units, lifting hopes the world's biggest economy was heading for a recovery.