Oil prices jumped above $70 a barrel on Monday in Asia on investor expectations a recovering global economy will boost crude demand.  Benchmark crude for September delivery was up 73 cents to $70.18 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange.

On Friday, the contract rose $2.51 to settle at $69.45.
Oil prices seesawed last week before surging Thursday and Friday as
investors bet that crude demand, which has been tepid this summer, will
eventually pick up as the economy improves.  “Optimism for economic
recovery is fighting the weak fundamentals, and right now the optimism
is holding the upper hand,” said Victor Shum, an energy analyst with
Purvin & Gertz in Singapore.  Crude also has followed gains in
global stocks. Most Asian indexes were up in early trading.  Prices may
test an eight-month high of $73.23 a barrel in the coming days, but
dismal consumer sentiment in the U.S. will likely weigh on demand and
send prices back into the $60s, Shum said.  “It will be difficult for
oil prices to sustain in the $70s given the weak fundamentals,” he
said.  Mohammad Ali Khatibi, Iran’s governor to the Organization of
Petroleum Exporting Countries, said Sunday he expects crude prices to
reach $80 a barrel by January, the oil ministry said.  In other Nymex
trading, gasoline for August delivery rose 1.24 cents to $2.03 a gallon
and heating oil gained 1.11 cents to $1.84. Natural gas for August
delivery fell 1.6 cents to $3.64 per 1,000 cubic feet.
In London, Brent prices rose 58 cents to $72.28 a barrel on the ICE Futures exchange.

Source: Associated Press

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• 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 jumps over $ 70 on optimism demand for

     Oil prices jumped above $70 a barrel on Monday in Asia on investor expectations a recovering global economy will boost crude demand.  Benchmark crude for September delivery was up 73 cents to $70.18 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, the

• Oil is near $ 70 in Asia after the big tumble

    Oil prices were hanging near US$70 a barrel in Asia after falling steeply overnight amid news that China’s crude consumption fell in August. Benchmark crude for October delivery was up 59 cents at US$70.30 a barrel by late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.33

• 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

• Oil below $ 69 in Asia between regional stock sell-off

    Oil prices have fallen below $69 a barrel in Asia following a selloff in regional stock markets.  Benchmark crude for September delivery was down 58 cents to $68.61 a barrel by late Wednesday afternoon in Singapore in electronic trading on the New York Mercantile Exchange. On Tuesday, the contract gained

• Oil edges in Asia on signs of recovery

    Global oil prices edged higher near $ 82 a barrel in Asian trade Friday mainly on signs of economic recovery in the US. Light sweet crude for December delivery was seen trading at $81.72 a barrel at 12.00 noon Singapore time while Brent crude was at $ 80.10 a barrel

• Oil makes less than 83 dollars in Asian trade

    Global oil prices eased below $83 a barrel in early Asian trade Thursday after an overnight surge.

• 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 in Asia after rising steadily over night

    Global oil prices remained near $71 a barrel in Asian trade Wednesday after an overnight surge aided by gold’s rally. Benchmark crude for October delivery was seen trading at $71.12 a barrel at 12 noon Singapore time in electronic trading on the New York Mercantile Exchange while Brent crude for

• 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 edges in Asia on demand hopes

    Global oil prices advanced above $71 a barrel in Asian trade Wednesday on hopes of more energy demand. Light sweet crude for November delivery was seen trading at $71.55 a barrel at 12.00 noon Singapore time while Brent crude was at $69.31 at the same time. On Tuesday, November contract

• 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 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 smooths on increase in U.S. inventories

    World oil prices remained below $80 a barrel in Asian trade Wednesday after a US report showed increase in crude inventories. New York’s main futures contract, light sweet crude for April delivery was seen trading at $79.49 a barrel at 11.30 a.m Singapore time while Brent crude was at $

• Oil advances in the vicinity of $ 80 in Asian trade

    World oil prices advanced marginally in Asian trade Wednesday mainly on a report showing drop in US stockpiles.