11 Aug '11, 8am

Crude turns higher in Asian trade: SINGAPORE: Crude prices turned higher in Asian trade Thursday on bargain-hunt...

SINGAPORE: Crude prices turned higher in Asian trade Thursday on bargain-hunting following recent sharp falls due to worries about the state of the US and European economies, analysts said. New York's main contract, light sweet crude for delivery in September, was up 46 cents to $83.35 per barrel in afternoon trade. Brent North Sea crude for September delivery advanced 53 cents to $107.21. Oil prices had tumbled in morning trade following a steep decline in global markets, prompting investors looking for cheaper prices to get into the fray. But analysts said the overall trend remained subdued because of the gloomy outlook for the world economy. "I think markets are being weighed down by global equities markets... market sentiment is still uncertain as to what's going to happen in Europe and the US," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. U...

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

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