Oil Prices Increased In Asia Trade

SINGAPORE: Oil prices rose in Asian trade Monday, bolstered by improved investor sentiment amid widespread hopes for a global economic recovery, analysts said.

A weaker US dollar was also a factor behind the surge in oil prices, they said. New York’s main contract, light sweet crude for October delivery, gained 25 cents to 74.14 dollars a barrel. Brent North Sea crude for October delivery advanced 44 cents to 74.63 dollars.

The New York contract soared to 74.72 dollars during US trading Friday, a level last seen on October 20 2008, before easing to close at 73.89 dollars.A slew of economic data released last week suggested the US economy and euro-zone economies were likely recovering, boosting hopes that energy demand in turn would see an up tick, analysts said.