February 8, 2012 12:22 PM

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Crude prices higher in Asian trade today

Crude prices were higher in Asian trade today as traders reacted to a forecast that global oil demand is set to grow and hopes of a Greek debt deal. New York's main contract, West Texas Intermediate light sweet crude for delivery in March, gained 43 cents to 98.84 dollars a barrel and Brent North Sea crude for March delivery was up one cent to 116.24 dollars.Nick Trevethan, senior commodities strategist at ANZ Research said crude prices have made gains with the EIA forecast of a growth in oil consumption and hopes of a solution to Greek debt trouble. He said brent crude however is being capped at the 116.50 dollars range. In a report released yesterday, the United States Energy Information Administration forecast that worldwide fuel demand is set to accelerate over the next two years.

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