17 Oct '11, 2am

Oil prices up in Asia

SINGAPORE: Europe's weekend vow of a decisive resolution to its debt crisis and hopes that the US' spending cuts plan will be passed without incident buoyed Asian oil markets Monday, analysts said. New York's main contract, light sweet crude for delivery in November, added 35 cents to $87.15 per barrel. Brent North Sea crude for delivery in December gained 18 cents to $112.41. "Oil is moving on the economic outlook and the overall strength in commodity markets," said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. "It's responding to the better outlook for US economic growth and speculation that we may be near some sort of resolution to the eurozone crisis," he told AFP. The gloomy US economic climate lifted a tad on Sunday when key Republican leader Eric Cantor said a congressional supercommittee will reach agreement on $1.5 trillion in government spen...

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

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