Oil prices rise in Asia after strong US data

SINGAPORE, Mar 27 (AFP): Oil prices edged higher in Asian trade Thursday on robust US consumer data and concerns over supply disruptions in Libya and Nigeria, analysts said.

New York's main contract, West Texas Intermediate (WTI) for May delivery, gained 12 cents to $100.38 a barrel in afternoon trade, after surging $1.07 on Wednesday.

Brent North Sea crude for May gained two cents to $107.05.

"Crude made a huge move overnight rise due to the renewed strength in the US economy on better-than-expected durable goods numbers," Kelly Teoh, managing director at I.R. Resources in Singapore, told AFP.

WTI extended gains in Asian hours but the rise was less steep as the market took a breather.

The US Commerce Department said orders for durable goods-a key measure for the economy-rose 2.2 per cent in February from the prior month, beating analysts' expectations for a 1.0 per cent decline.

The weekly US crude stockpiles report also showed a decline of 1.3 million barrels at the Cushing, Oklahoma oil-trading hub for the US benchmark, suggesting expansion in economic activity.

European benchmark Brent crude was being influenced by concerns over supply disruption in oil producers Libya and Nigeria.