Oil prices were firmer in Asian trade today on expectations of improving energy demand. The boost was caused by the EU-IMF Euro zone rescue package and Chinese oil consumption.New York's main contract, light sweet crude for June delivery, gained 22 cents to 77.02 dollars a barrel.Brent North Sea crude for June rose 23 cents to 80.35 dollars.Prices were mainly supported by yesterday's European Union and International Monetary Fund aid package worth 750 one trillion dollars to stop the Greek debt crisis from spreading.The US Federal Reserve, the European Central Bank and central banks in Japan, Britain, Canada and Switzerland also said they would intervene to ensure that dollar shortages did not occur in the European market.
News On AIR | May 11, 2010 10:04 AM
Oil rises in Asian trade