01 Jun '11, 3am

#Petrolfied Oil up in Asia on hopes of Greek resolution - Straits Times: Oil up in Asia on ho... newswireupdate.com

SINGAPORE - OIL rose in Asian trade on Wednesday on hopes of a resolution to the Greek debt crisis, analysts said. New York's main contract, light sweet crude for July delivery, rose 30 cents to US$103 (S$126.83) a barrel and Brent North Sea crude for July delivery gained 31 cents at US$117.04. 'In the beginning of this week, we saw cautious optimism that Greece might receive a second bailout... (which) caused crude prices (Nymex) to rise above US$102 per barrel yesterday,' said Ong Yi Ling, a Singapore-based commodity analyst for Phillip Futures. Crude prices are expected to stay high, supported largely by steady demand in the emerging economies and possible moves by oil cartel Opec to curb production, analysts said. 'Long term basic oil fundamentals still remain constructive, stemming from demand by emerging economies such as China and Brazil,' Ms Ong told AFP. 'Opec may...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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