Oil prices on Thursday rose in Asian trade, boosted by positive showings on regional equities markets and a strengthening Chinese economy, analysts said.
Oil prices on Thursday rose in Asian trade, boosted by positive showings on regional equities markets and a strengthening Chinese economy, analysts said.
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New York's main contract, light sweet crude for delivery in December, broke the USD 80 mark to USD 80.81 per barrel. Brent North Sea crude for December delivery was up 31 cents to USD 78.26.
Strong performances in bourses across Asia pulled up oil markets, analysts said. "When we look across Asian equities this morning, all Asian shares are higher on the back of strong gains on Wall Street yesterday," said Victor Shum, senior principal of energy consultants Purvin and Gertz in Singapore.
He also said traders were heartened by data showing a strengthening Chinese economy, saying "oil has some fundamental support from Chinese markets." Official data released in Beijing on Wednesday showed the trade surplus nearly doubling in October from the previous month, with industrial production and retail sales picking up pace and demand improving for exports.
Meanwhile in Vienna on Wednesday, the OPEC cartel of oil producers left broadly unchanged its forecasts for world crude demand growth this year and next year, warning of downside risks should the economic recovery remain weak.
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