July 27, 2012 1:48 PM

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ECB pledge to preserve euro ups Asia oil price

A pledge by European Central Bank president Mario Draghi to do whatever it takes to preserve the euro supported the single currency as well as crude prices in Asia today.New York's main contract, light sweet crude for delivery in September, was up nine cents to 89.48 dollar a barrel and Brent North Sea crude for September delivery gained five cents to 105.31 dollar. Draghi's rousing vow of support for the single European currency issued late yesterday inspired crude traders to enter the market again, analysts said. Markets cheered after European Central Bank president Mario Draghi said that the ECB is ready, within its mandate, to do whatever its takes to preserve the euro. Draghi's statements helped boost the euro against the dollar, lending support to dollar-priced oil. The euro was trading at 1.2277 dollar in early Asia trade today from 1.2280 dollar in overnight trade. The single currency had climbed to a two-week high of 1.2330 dollar following Draghi's pledge

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