Oil prices rose in Asian trade today, driven by optimism in the financial markets ahead of an expected US government announcement of a plan to sell toxic assets, analysts said.
New York's main futures contract, light sweet crude for delivery in May, was up 30 cents to $52.37 a barrel. The Nymex contract for April delivery expired on Friday.
Brent North Sea crude for May delivery gained 45 cents to $51.67.
"Right now, the crude oil market is primarily driven by the financial markets," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
"What we are seeing in the crude oil market is a financial rally."
The US government is expected to to unveil the plan as early as today to sell toxic assets weighing down the financial system.
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