Oil prices edged up in tepid Asian trade today. This follows recent falls on concerns about the US economic recovery.New York's main contract, light sweet crude for delivery in August, rose 13 cents to 72.11 dollars a barrel.Brent North Sea crude for August delivery gained 19 cents to 71.64 dollars. Crude markets climbed in the wake of seven straight sessions of losses as wary traders bought up crude in a listless market.Crude prices had dropped Tuesday on a steeper-than-expected fall in the US Institute for Supply Management's non-manufacturing index, but Chu said its impact had run its course.The index declined to 53.8 points last month from 55.4 in May. Most economists had expected the June figure to be at 55.0.
News On AIR | July 7, 2010 10:12 AM
Oil prices rise in Asian trade