01 Aug '11, 6am

Crude oil prices surge in Asia as US reaches debt deal

SINGAPORE : Crude oil markets rallied in Asian trade on Monday amid relief at the announcement of an elusive US debt deal, analysts said. New York's main contract, light sweet crude for delivery in September, surged $1.18 to $96.88 per barrel in the afternoon. Brent North Sea crude gained $1.35 to $118.09. "What we are seeing is a relief rally in the oil markets... it is really due to the deal in the US regarding raising the debt ceiling," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore. US president Barack Obama announced late Sunday an 11th-hour deal to avert a potentially catastrophic debt default for the United States, the world's richest country and biggest oil consumer. The deal would raise the country's $14.3 trillion debt ceiling by about $2.4 trillion in two steps, while calling for roughly the same about in spending cuts ove...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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