Global oil prices extended gains in Asian trade Monday on a weak dollar as investors await US Fed moves for further clues.
Light sweet crude for November delivery was seen trading at $ 83.35 a barrel at 12.00 noon Singapore time while Brent crude was at $ 84.61 a barrel in London.
In other Nymex trading in November contracts, heating oil rose 1.42 cents to $2.296 a gallon and gasoline gained 1.24 cents to $2.164 a gallon. Natural gas dropped 1.9 cents to $3.632 per 1,000 cubic feet.
The greenback extended 15-year lows versus the yen and weakened against the euro, bolstering the appeal of commodities as an alternative investment.
Analysts said investors also looking for US Fed moves to buy Treasury bonds and take other measures known as quantitative easing to lower long-term interest rates and spur lending.
Expectations that the U.S. Federal Reserve will inject more money into the economy before the end of the year are adding pressure on the battered dollar, which renders oil cheaper for holders of other currencies.
Weak U.S. jobs data for September last week strengthened the case for further monetary stimulus to boost the struggling economy, as world financial leaders over the weekend sought to defuse mounting tensions over currencies.
On Friday, Light, sweet crude oil for November delivery settled at $82.66 per barrel while Brent for November settled 60 cents, or 0.7%, higher at $84.03 per barrel.
Light sweet crude for November delivery was seen trading at $ 83.35 a barrel at 12.00 noon Singapore time while Brent crude was at $ 84.61 a barrel in London.
In other Nymex trading in November contracts, heating oil rose 1.42 cents to $2.296 a gallon and gasoline gained 1.24 cents to $2.164 a gallon. Natural gas dropped 1.9 cents to $3.632 per 1,000 cubic feet.
The greenback extended 15-year lows versus the yen and weakened against the euro, bolstering the appeal of commodities as an alternative investment.
Analysts said investors also looking for US Fed moves to buy Treasury bonds and take other measures known as quantitative easing to lower long-term interest rates and spur lending.
Expectations that the U.S. Federal Reserve will inject more money into the economy before the end of the year are adding pressure on the battered dollar, which renders oil cheaper for holders of other currencies.
Weak U.S. jobs data for September last week strengthened the case for further monetary stimulus to boost the struggling economy, as world financial leaders over the weekend sought to defuse mounting tensions over currencies.
On Friday, Light, sweet crude oil for November delivery settled at $82.66 per barrel while Brent for November settled 60 cents, or 0.7%, higher at $84.03 per barrel.
