Oil up in Asian trade

SINGAPORE: Oil prices rose in Asian trade Monday, boosted by reports forecasting a hike in crude demand, seen as an indicator of economic recovery, analysts said.

New York’s main contract, light sweet crude for delivery in November, gained 47 cents to 72.24 dollars a barrel. Brent North Sea crude for November delivery climbed 43 cents to 70.43 dollars. Crude prices were lifted by an International Energy Agency (IEA) report on Friday saying demand was expected to improve at the end of this year and in 2010 as the global economy recovers from a slump, analysts said.

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