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Crude higher in Asia on US equities rally

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AFPPTI Singapore
I / Singapore March 31, 2011, 9:36 IST

Crude prices were up in Asian trade today, mirroring US stock markets as they rallied on a surge in private sector job creation in March, analysts said.

New York's main contract, light sweet crude for delivery in May, rose 28 cents to $104.55 per barrel.

Brent North Sea crude for May delivery gained 20 cents to $115.33.

Crude markets were being supported by a rally in the US equities market late last night, said Serene Lim, oil and gas analyst for ANZ bank in Singapore.

"I think it's very much a technical rebound... Very much lifted by the bullish S&P equities," she told AFP.

US stocks made solid gains after being cheered by upbeat statistics released late last night on private-sector hiring, which suggested the ailing labour market had turned a corner.

 

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First Published: Mar 31 2011 | 9:36 AM IST

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