World oil prices advanced towards $82 a barrel in Asian trade Monday after the dollar weakened while stocks climbed in the region.
Light sweet crude for December delivery was seen trading at $81.92 a barrel at 12.00 noon Singapore time while Brent crude was at $ 83.27 a barrel in London.
The U.S. dollar slipped against major currencies, losing early gains against the yen, leading speculation of a Japanese intervention
Analysts said the black gold also took advantage of healthy Chinese manufacturing data for October, adding to signs that economic growth is withstanding cooling efforts by the government.
They said oil also rose on speculation the Federal Reserve will announce another round of credit-easing measures to help spur growth in the U.S., the world s largest crude user.
In other energy trading on the Nynex, heating oil was up 1 cent to $2.25 a gallon. Gasoline dropped 2 cents to $2.06 a gallon and natural gas added 6 cents to $4.10 per 1,000 cubic feet.
Futures gained as much as 0.7 percent as the dollar weakened for a third day amid expectations of a new round of large-scale asset purchases, or quantitative easing, when policy makers meet tomorrow.
New York's main contract, light sweet crude for December delivery, fell 75 cents to close at $81.43 a barrel while Brent crude for December shed 44 cents to settle at $83.15 a barrel.
Light sweet crude for December delivery was seen trading at $81.92 a barrel at 12.00 noon Singapore time while Brent crude was at $ 83.27 a barrel in London.
The U.S. dollar slipped against major currencies, losing early gains against the yen, leading speculation of a Japanese intervention
Analysts said the black gold also took advantage of healthy Chinese manufacturing data for October, adding to signs that economic growth is withstanding cooling efforts by the government.
They said oil also rose on speculation the Federal Reserve will announce another round of credit-easing measures to help spur growth in the U.S., the world s largest crude user.
In other energy trading on the Nynex, heating oil was up 1 cent to $2.25 a gallon. Gasoline dropped 2 cents to $2.06 a gallon and natural gas added 6 cents to $4.10 per 1,000 cubic feet.
Futures gained as much as 0.7 percent as the dollar weakened for a third day amid expectations of a new round of large-scale asset purchases, or quantitative easing, when policy makers meet tomorrow.
New York's main contract, light sweet crude for December delivery, fell 75 cents to close at $81.43 a barrel while Brent crude for December shed 44 cents to settle at $83.15 a barrel.
