Oil prices rise in Asian trade

SINGAPORE: Oil prices edged up in tepid Asian trade Wednesday after recent falls caused by concerns about the US economic recovery, analysts said.

New York”s main contract, light sweet crude for delivery in August, rose 10 cents to 72.08 dollars a barrel. Brent North Sea crude for August delivery gained 13 cents to 71.58 dollars.

Crude markets climbed in the wake of seven straight sessions of losses as wary traders bought up crude in a listless market, analysts said.