Oil prices extend gains in Asian trade
SINGAPORE (AFP) - Oil prices extended gains in Asian trade Tuesday, with strong manufacturing data from major economies auguring well for demand, analysts said.
Investors are also keeping an eye on a meeting of the Organization of Petroleum Exporting Countries (OPEC) oil cartel this week regarding output levels, against a backdrop of unrest in member nation Libya.
New York's main contract, West Texas Intermediate for January delivery, was up 33 cents at US$94.15 (S$118.25) a barrel in mid-morning trade, while Brent North Sea crude for January added one cent to $111.46.
"Oil firmed as global manufacturing reports impressed and Libyan exports slowed to a trickle on the domestic strikes and protests, countering US dollar gains," Singapore's UOB bank said in a research note.