SINGAPORE: Oil prices rose in Asian trade Thursday on tensions sparked by the killing of the US ambassador to Libya and a German court's ruling in favour of the eurozone's crucial bailout fund.
However, signs of a weaker demand for energy in the United States thanks to a rise in stockpiles put a cap on gains, analysts said.
New York's main contract, light sweet crude for delivery in October, was up four cents to $97.05 a barrel in the afternoon, while Brent North Sea crude for the same month was up six cents at $116.02 a barrel.
Analysts said the death of Chris Stevens, from smoke inhalation after becoming trapped in the US consulate in Benghazi during an attack, sparked renewed concerns over geopolitical risks in the crude-producing region.
They added that the German Constitutional Court's decision to clear the way for the $620-billion European Stability Mechanism (ESM), which is key to stabilising the eurozone, provided a fillip.
However, data "showing a rise in US crude stocks curbed gains", said Phillip Futures in a market commentary.
The US government's Energy Information Administration said Wednesday that the country's crude oil stockpiles rose by two million barrels in the week ending September 7.
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