Oil prices turn higher in Asian trade

SINGAPORE: Oil prices turned higher in Asian trade Monday, buoyed by strong performances in Asian equities markets, but analysts said the rise is likely to be short-lived.

New York”s main futures contract, light sweet crude for delivery in July, gained 66 cents to 70.70 dollars a barrel in the afternoon, reversing earlier losses. Brent North Sea crude for July delivery advanced 16 cents to 71.84 dollars.