| Oil prices rise in Asian trade |
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| Tuesday, 30 November 2010 09:47 | |||||||
Page 1 of 2 Singapore (ANTARANews / AFP) - Oil prices rose in Asian trade on Monday, but analysts warn that gains may be short because of ongoing concerns about the debt crisis in the eurozone.A stronger United States dollar (U.S.) against the euro also tends to push crude oil prices fell, they said. In afternoon trade, New York's main contract, light sweet crude for January delivery, rose 56 cents to 84.32 dollars per barrel. Brent North Sea crude oil for January delivery rose 53 cents to 86.11 dollars. "Oil and the dollar have an inverse relationship so that we could see some pressure on oil if the dollar continues to rise," said Ong Yi Ling, investment analyst at Phillip Futures. A stronger U.S. dollar makes crude oil priced in dollars more expensive for buyers using weaker currencies and in turn tend to hit demand and prices. "Another factor will be the euro zone debt crisis. That could affect future demand for oil," he told AFP. The euro fell to a new two-month lows of 1.3181 dollars in early Asian trading, its lowest level since late September as investors remained concerned about the debt crisis of the deteriorating euro zone. The eyes are also drawn to Portugal and Spain amid speculation they may need bailout, after Ireland's debt-ridden, reportedly will receive a package of 85-billion euros from the European Union and the International Monetary Fund (IMF).
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