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Oil prices increase in Asian trade after rally on Wall Street

AFP
January 29, 2013, 12:38 am TWN

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SINGAPORE--Oil prices rose in Asian trade Monday with dealers encouraged by better-than-expected earnings data on Wall Street, analysts said.

New York's main contract, light sweet crude for delivery in March gained 20 cents to US$96.08 a barrel in the afternoon and Brent North Sea crude for March delivery increased two cents to US$113.30.

“U.S. corporate earnings are providing plenty of cause for optimism among market bulls who can already count on central bank liquidity and China's improving economy as driving forces,” said a report from IG markets Singapore.

“Energy prices have edged up among the euphoria.”

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