Related Articles
Top Stories
May 06 2011 07:54
Absa has announced it is consolidating operations, with a union claiming that hundreds of workers may be affected.
May 06 2011 11:45
A successor to Sasol CEO Pat Davies has been appointed after a global search, says the petrochemicals giant.
May 06 2011 16:54
The Civil Aviation Authority says only South African Airways has an exemption to test the feasilbility of passengers using cellphones during flights.
Singapore - Oil was up in Asian trade on Thursday, boosted by a stronger close on Wall Street overnight, analysts said.
New York's main contract, light sweet crude for delivery in June, rose 71c to $112.16 a barrel, while Brent North Sea crude for June gained 90c to $124.75 in the afternoon.
"The US stock market was up very well yesterday, and we're seeing a rebounding in the oil market (after losses earlier in the week)," said John Vautrain, a Singapore-based analyst at Purvin & Gertz energy consultancy.
Prices were also lifted by hopes of increased demand from Japan as the world's third biggest economy starts to rebuild from last month's devastating quake and tsunami disasters.
"Japan needs more oil to make power in the absence of nuclear power," said Vautrain.
Crude prices closed higher Wednesday in New York after an unexpected drop in US petroleum reserves and a sharply weaker dollar, which makes dollar-priced commodities cheaper for other currency holders.
The US Department of Energy reported on Wednesday that crude oil reserves fell 2.3 million barrels to 357.0 million in the week ending April 15.
Analysts had predicted a rise after the previous six straight weeks of increases that added nearly 13 million barrels to reserves.
Gasoline stocks fell for a second week running, by 1.6 million barrels while distillates - including diesel and heating fuel - unexpectedly fell, by 148.3 million barrels.
Total petroleum reserves fell 6.7 million barrels last week in the United States, the world's biggest oil-consumer.