Global oil prices advanced above $78 a barrel in Asian trade Monday after edged down last week on strengthening dollar and concerns over sustainable economic recovery.

Light sweet crude for January delivery was seen trading at $78.28 a
barrel at 11.00 a.m Singapore time while Brent crude was at $78.01 a
barrel at the same time.

Oil also gained as investors bought
physical assets on speculation U.S. efforts to restore growth will
extend the decline in the dollar.

On Friday, December delivery dropped 74 cents to end the week at $76.72 after slumping by more than two dollars on Thursday.

December contract expired on Nov. 20. Oil traded between $82 and $74.79 the past five weeks after surging in early October.

The more active January contract fell 58 cents to $77.47. Brent crude for January delivery lost 44 cents to $77.20.

The
U.S. Dollar Index, a measure of the greenback against its six major
counterparts, dropped 0.4 percent Monday , to 75.3 after posting its
first weekly advance this month.

The dollar fell for the first time in three days to $1.4901 against the euro from $1.4862 in New York on Nov. 20.

On
Wednesday, oil prices breached $80 a barrel after US government data
showed crude reserves in the country fell 900,000 barrels in the week
ending November 13.

Source: Commodity Online

Search to find what you want

• Oil hovers above U.S. $ 71 in Asia under sagging U.S. dollars

    Oil prices are above $71 a barrel in Asia signs of weak crude demand were offset by a slumping US dollar. Benchmark crude for November delivery was down 29 cents at $71.47 a barrel by midday Wednesday Singapore time in electronic trading on the New York Mercantile Exchange. The contract

• Oil falls on jump in the vicinity of $ 68 as U.S. supplies of crude oil

    Oil prices dropped to near $68 a barrel Thursday in Asia as an unexpected jump in U.S. crude inventories suggested consumer demand remains in the doldrums. Benchmark crude for November delivery was down 71 cents at $68.26 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange.

• Oil stays below $ 75 in Asian trade

    Global oil prices remained below $ 75 a barrel in Asian trade Wednesday as the dollar strengthened further against major currencies.? Light sweet crude for March delivery was seen trading at $74.61 a barrel at 12.00 noon Singapore time while Brent crude was at $ 73.27 a barrel at the

• Oil stays below $ 70 in Asian trade

    Global oil prices eased further in Asian trade Monday, for the ninth day in succession, amid concerns about the level of US demand and a stronger dollar. Light sweet crude for January delivery was seen trading at $69.42 a barrel at 11.30 a.m Singapore time after hitting as low as

• Oil makes less than $ 72 per barrel in Asia

    World oil prices eased below $72 a barrel in Asian trade Monday as natural gas prices advanced for the first time in six weeks. Light sweet crude oil for October delivery was seen trading at $71.84 a barrel at 12.00 noon Singapore time Monday on the New York Mercantile Exchange

• Oil slides below $ 71 a barrel in Asia

    Global oil prices eased below $72 a barrel Thursday as rising crude and diesel stocks eclipsed healthy economic data from the United States and Europe. Light sweet crude for October delivery was seen trading at $71.34 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 71.48 a barrel

• Oil near $ 72 steady in late Asian trade

    Global oil prices stayed near $72 a barrel in Asian trade Friday as a drop in U.S. crude inventories suggested demand may be picking up. Light sweet crude for October delivery was seen trading at $71.85 a barrel at 4.00 p.m Singapore time in electronic trading on the New York Mercantile Exchange

• Oil dips below $ 79 in Asian trade

    World oil prices extended losses and eased below $79 in Asian trade Wednesday mainly on reports of increase in US stockpiles amid dollar recovery. Light sweet crude for December delivery was seen trading at $78.62 a barrel at 12.00 noon Singapore time while Brent crude was at $76.84 a barrel at the

• Oil dips below $ 79 in Asian trade

    World oil prices extended losses and eased below $79 in Asian trade Wednesday mainly on reports of increase in US stockpiles amid dollar recovery. Light sweet crude for December delivery was seen trading at $78.62 a barrel at 12.00 noon Singapore time while Brent crude was at $76.84 a barrel at the

• Oil below $ 80 easier in Asian trade

    World oil prices remained below $80 a barrel mark for the third day in succession on Monday mainly on profit taking by investors. Light sweet crude for December delivery was seen trading at $79.77 a barrel t 12.00 noon Singapore time while Brent crude was at $78.41 a barrel at