Oil prices rose in Asian trade today as bullish US manufacturing data combined with gains in Asian equities markets to push the market up, analysts said.
New York's main futures contract, light sweet crude for March delivery, broke past the $75 level in morning trade, gaining 58 cents to $75.01 a barrel.
Brent North Sea crude for delivery in March was up 63 cents to $73.74.
Strong numbers reported by the US Institute of Supply Management (ISM) yesterday showing a surge in manufacturing activity in January, as well as advances on Asian equities markets, inspired crude traders, analysts said.
"Oil pricing continues to gain primarily based on the past day's financial increases in equities and the good manufacturing news out of the US," said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.
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The ISM said its manufacturing index, also known as the purchasing managers index, climbed to 58.4 per cent in January, the best number since 2004 and well ahead of the 50 per cent that indicates growth.
Rises in Asian equities markets also added steam to the crude rally, with major bourses such as the Hang Seng and Nikkei-225 indexes heading up in morning trade, Shum added.
Crude prices would likely hover around current price levels in the week ahead, he said.