Monday, April 12, 2010
Oil rises in Asian trade
8:40 PM | 
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SINGAPORE: Oil prices rose in Asian trade Monday as the euro firmed against the US dollar and on the back of indications of improved Chinese demand, analysts said.
New York's main contract, light sweet crude for delivery in May, added 46 cents to 85.38 dollars a barrel. Brent North Sea crude for May was up 50 cents to 85.33 dollars per barrel.
In Asian trade, the euro rose to 1.3642 dollars from 1.3497 late Friday after the 16 nations using the single currency unveiled a 30-billion-euro lifeline for debt-hit Greece.
Oil had risen to 18-month highs after climbing above 87 dollars last week as investors bet on better demand prospects amid signs of a strengthening economic recovery.
New York's main contract, light sweet crude for delivery in May, added 46 cents to 85.38 dollars a barrel. Brent North Sea crude for May was up 50 cents to 85.33 dollars per barrel.
In Asian trade, the euro rose to 1.3642 dollars from 1.3497 late Friday after the 16 nations using the single currency unveiled a 30-billion-euro lifeline for debt-hit Greece.
Oil had risen to 18-month highs after climbing above 87 dollars last week as investors bet on better demand prospects amid signs of a strengthening economic recovery.
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