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Oil prices up in Asian trade

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Posted by on Wednesday, July 14, 2010, 11:27
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Oil prices rose in Asian trade on Wednesday, lifted by a rebound in global equities markets, analysts said.

New York’s main contract, light sweet crude for delivery in August, gained two cents to 77.17 dollars a barrel.

Brent North Sea crude for August delivery climbed 27 cents to 76.92 dollars.

Crude markets were lifted by a surge in major bourses worldwide, with investors upbeat about the economic recovery following US corporate giants Alcoa and Intel’s stellar starts to the US corporate earnings season.

“Oil prices were firmer. Oil market sentiment benefited from the lift on international equity markets,” said the Commonwealth Bank of Australia in a report.

The world’s biggest chip-maker Intel was the latest to release its corporate earnings results, posting its best-ever quarterly results in the second quarter on Tuesday and exceeding the expectations of Wall Street analysts.

Second-quarter revenue was up 34 percent on a year ago to 10.8 billion dollars, better than the 10.25 billion dollars forecast by analysts and Intel’s own prediction of between 9.8 billion dollars and 10.6 billion dollars.

European equities markets as well as Wall Street closed higher Tuesday, passing the torch to Asian bourses who looked to continue the rally Wednesday.

Major Asian markets such as Japan’s Nikkei index, South Korea’s KOSPI and Singapore’s Straits Times Index were all up in morning trade.

Oil prices up in Asian trade

Oil prices up in Asian trade

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