World oil prices extended gains in Asian trade Thursday mainly on a falling dollar that offset reports of higher US crude stockpiles.
Light sweet crud for November delivery was seen trading at $83.47 a barrel at 12.00 noon Singapore time while Brent crude for November delivery was at $ 85.34 a barrel in London.
In other Nymex trading in November contracts, heating oil rose 0.62 cent to $2.314 a gallon and gasoline gained 0.32 cent to $2.151 a gallon. Natural gas was steady at $3.86 per 1,000 cubic feet.
Analysts said the black gold is likely to move further in the day on expectations of supportive moves by US Fed to steer up country s economy.
Investors anticipate that U.S. interest rates could head even lower if the Fed moves to buy Treasury bonds and takes other measures to lower long-term interest rates to boost the economy.
On Wednesday, the US Energy Information Administration said crude inventories increased last week by 3.1 million barrels and are now 7 percent above year-ago levels.
Light sweet crude for November rose 41 cents to $83.23 a barrel from Tuesday. Earlier on Wednesday it struck $84.09, last reached on May 4.
London's Brent North Sea crude for delivery in November stood at $85.06- up 22 cents.
Light sweet crud for November delivery was seen trading at $83.47 a barrel at 12.00 noon Singapore time while Brent crude for November delivery was at $ 85.34 a barrel in London.
In other Nymex trading in November contracts, heating oil rose 0.62 cent to $2.314 a gallon and gasoline gained 0.32 cent to $2.151 a gallon. Natural gas was steady at $3.86 per 1,000 cubic feet.
Analysts said the black gold is likely to move further in the day on expectations of supportive moves by US Fed to steer up country s economy.
Investors anticipate that U.S. interest rates could head even lower if the Fed moves to buy Treasury bonds and takes other measures to lower long-term interest rates to boost the economy.
On Wednesday, the US Energy Information Administration said crude inventories increased last week by 3.1 million barrels and are now 7 percent above year-ago levels.
Light sweet crude for November rose 41 cents to $83.23 a barrel from Tuesday. Earlier on Wednesday it struck $84.09, last reached on May 4.
London's Brent North Sea crude for delivery in November stood at $85.06- up 22 cents.
