10 Oct '11, 4am

Oil prices up in Asia: SINGAPORE: Crude oil prices were up in Asia Monday as traders took heart from France and

SINGAPORE: Crude oil prices were up in Asia Monday as traders took heart from France and Germany's announcement that they had agreed a plan to shore up Europe's banks, analysts said. New York's main contract, light sweet crude for delivery in November, added 93 cents to $83.91 a barrel. Brent North Sea crude for November delivery gained 53 cents to $106.41. Vows to support Europe's debt-laden lenders made by the region's two most influential members reassured crude traders, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore. "German chancellor Angela Merkel and French president (Nicolas) Sarkozy indicated on Sunday that they would come up with a plan to recapitalise the European banks, ensuring they have the necessary capital, by the end of the month," Shum told AFP. "Though no specific details were given, the market sentiment became mor...

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

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