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Oil prices rise above 72 dollars in Asian trade

Oil prices were above $ 72 in Asian trade today following an overnight rally, which saw the market buoyed by strong performances on Wall Street and a weakening US dollar, analysts said.

business Updated: Aug 28, 2009 10:55 IST

Oil prices were above $ 72 in Asian trade today following an overnight rally, which saw the market buoyed by strong performances on Wall Street and a weakening US dollar, analysts said.

New York's main futures contract, light sweet crude for October delivery, was up 13 cents to $ 72.62 a barrel.

Brent North Sea crude for delivery in October was unchanged at $ 72.51.

"Oil market sentiment benefited from a recovery on US equity markets," the Commonwealth Bank of Australia said in a report.

The blue-chip Dow Jones Industrial Average rebounded to rise 37.11 points (0.39 per cent) to 9,580.63, ending higher for the eighth straight session and extending its longest winning streak in 28 months.

The tech-heavy Nasdaq composite climbed 3.30 points (0.16 per cent) to 2,027.73 and the Standard & Poor's 500 index, a broad measure of the market, added 2.86 points (0.28 per cent) to 1,030.98.

A weakened dollar also pushed oil prices up, other analysts said.

"Amid the rebound in equity markets, oil prices have garnered support," said analysts at Briefing.com, adding that "most of the strength comes amid weakness in the US dollar".