Singapore, September 08: Oil extended its rise in Asian trade on Tuesday, lifted in part by improved investor
sentiment about the global economy’s recovery prospects, analysts said.
Comments by oil kingpin Saudi Arabia that the market was “very stable and healthy” were also seen providing support to prices, they said.
New York’s main contract, light sweet crude for October delivery firmed 20 cents to USD 68.22 a barrel.
Brent North Sea crude for October delivery put on 37 cents to USD 66.90.
“With growth picking up in virtually every country, a self-reinforcing process or positive feedback loop’ is developing,” analysts from Bank of America-Merrill Lynch said in a report.
“Growth in individual countries is stimulating global growth, via trade and confidence channels. This adds to our confidence in the sustainability of the recovery.”
–Agencies