Crude higher in Asia on US equities rally

Posted By: Pti
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Asian Trade
Singapore, Mar 31: Crude prices were up in Asian trade today, mirroring US stock markets as they rallied on a surge in private sector job creation in March, analysts said.

New York's main contract, light sweet crude for delivery in May, rose 28 cents to USD 104.55 per barrel.

Brent North Sea crude for May delivery gained 20 cents to USD 115.33.

Crude markets were being supported by a rally in the US equities market late last night, said Serene Lim, oil and gas analyst for ANZ bank in Singapore.

"I think it's very much a technical rebound... very much lifted by the bullish S&P equities," she told AFP.

US stocks made solid gains after being cheered by upbeat statistics released late last night on private-sector hiring, which suggested the ailing labour market had turned a corner.


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