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OIL prices climbed above US$69 (S$99.60) a barrel on Friday in Asia as the first drop in US unemployment claims in five months provided another sign that weak demand for crude could improve.

Benchmark crude oil for July delivery was up 62 cents at US$69.43 a barrel midday in Bangkok in electronic trading on the New York Mercantile Exchange (NYMEX). On Thursday the contract shot up US$2.69 to settle at US$68.81 after trading as high as US$69.60.

Oil prices have rallied for three months in tandem with global stock markets, and they soared this week to their highest levels since November, though the rally was briefly interrupted Wednesday by a jump in US crude inventories.
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SINGAPORE – Oil prices were steady above $48 a barrel Wednesday in Asia as investors juggled tensions in the Middle East and more bad U.S. economic news suggesting slowing crude demand.

Light, sweet crude for February delivery rose 4 cents to $48.62 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell overnight 23 cents to settle at $48.58.

Oil prices have risen 43 percent since reaching a five-year low of $33.87 a barrel on Dec. 19 on investor concern that the conflict between Israel and Hamas in Gaza could spread to the rest of oil-rich Middle East and affect supplies. Read more »