SINGAPORE: Crude prices were higher in Asian trade Monday as the market continued to be cheered by Europe's debt rescue promise, analysts said.
New York's main contract, light sweet crude for delivery in December, gained 14 cents to $93.46 per barrel.
Brent North Sea crude for December delivery rose 21 cents to $110.12.
Crude markets were "supported by optimism that European leaders will come up with (a) solution to the region's debt crisis," Phillip Futures said in a report.
Traders were also looking ahead to a Franco-German meeting on Tuesday, where politicians from the two sides were expected to further discuss the debt rescue plan broadly agreed upon last week, the report added.
"Hope for a resolution to Europe's issues rose ahead of a Tuesday meeting between French and German politicians," it stated.
"This meeting could be a key issue," Phillip Futures commodity analyst Ker Chung Yang told AFP.
He added that traders were also eyeing a US Federal Reserve meeting and the US jobs report both due later in the week for market leads.
Comments
Comments are closed for this article.