Industryweek 6411 Oil Prices Rise Asia After Strong Us Data

Oil Prices Rise in Asia After Strong US Data

March 27, 2014
Oil prices edge higher in Asian trade on robust U.S. consumer data and concerns over supply disruptions in Libya and Nigeria.

SINGAPORE -- Oil prices edged higher in Asian trade Thursday on robust U.S. consumer data and concerns over supply disruptions in Libya and Nigeria, analysts said.

New York's main contract, West Texas Intermediate (WTI) for May delivery, gained 12 cents to $100.38 a barrel in afternoon trade, after surging $1.07 on Wednesday.

Brent North Sea crude for May gained two cents to $107.05.

"Crude made a huge move overnight rise due to the renewed strength in the U.S. economy on better-than-expected durable goods numbers," said Kelly Teoh, managing director at I.R. Resources in Singapore.

Nigeria is Africa's biggest oil producer, accounting for more than two million barrels per day.

"While geopolitical events will influence price of Brent, WTI prices will be guided by economic data from the US," said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at professional services firm Ernst & Young.

Copyright Agence France-Presse, 2014

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