Oil prices open higher in Asian trade on profit hunting
Singapore, Jul 5 (AFP) Oil was up in Asian trade today as traders cashed in on cheap crude following a slump in prices last week, analysts said.
New York’s main contract, light sweet crude for delivery in August, gained 38 cents to USD 72.52 a barrel.
Brent North Sea crude for August delivery advanced 38 cents to USD 72.03.
Traders were investing in cheap crude following a plunge in oil prices last week, said Serene Lim, a Singapore- based oil and gas analyst with Australia’s ANZ bank.
“I think because oil prices have already been falling so much, there would be a rebound as longer-term investors buy into the market,” she said.
She added that the rise was also “due to a consolidation of oil prices at 72 to 73 dollars”.