SINGAPORE – Crude prices were up in Asian trade Thursday as global markets were lifted by progress in debt talks at a key European summit, analysts said.
New York’s main contract, light sweet crude for delivery in December, gained $1.11 to $91.31 per barrel.
Brent North Sea crude for December delivery added 70 cents to $109.61.
Positive news out of the Brussels summit convened to combat the region’s persistent debt crisis cheered crude markets, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
“Oil prices have been edging up… as the oil market was reacting to some apparent progress in the European debt discussions,” he told Agence France-Presse.
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