World oil prices extended gains in Asian trade Thursday mainly on signs of energy demand increase after US Fed remarks.
World oil prices extended gains in Asian trade Thursday mainly on signs of energy demand increase after US Fed remarks. Light sweet crude for September delivery was seen trading at gained $70.70 a barrel at 1:30 p.m. Singapore time while Brent crude was at traded at $73.38 at the same time. On Wednesday, September contract rose 1 percent to settle at $70.16 a barrel and Brent crude gained 0.6 percent to close at $72.89 a barrel.
Global oil prices advanced above $70 a barrel after confidence in the world economy surged to a 22-month high in August and the Fed pledged to keep interest rates low.
The dollar fell against the euro, boosting the appeal of commodities priced in the U.S. currency.
The dollar declined against the euro for a third day. A drop in the dollar bolstered crude as an alternate investment. The dollar traded at $1.4225 per euro at 1:45 p.m. in Tokyo from $1.4188 yesterday in New York.