Stronger euro boosts oil prices in Asia

Oil traded near 76 dollars in Asia on Friday, lifted by buoyant sentiment after the International Monetary Fund bumped up its global growth projections.Stronger demand in the United States, shown by a drop in crude inventories, also helped push prices higher, analysts said.In afternoon Asian trade, New York's main contract, light sweet crude for delivery in August, was up 43 cents at 75.87 dollars a barrel, and Brent North Sea crude gained 38 cents to 75.09 dollars.

Oil prices climbed in Asian trade Tuesday, lifted by the equities markets, which rebounded from sharp falls the previous day on concerns over the fallout from fraud charges against Goldman Sachs.New York's main contract, light sweet crude for delivery in May, was up 67 cents to 82.12 dollars a barrel.Brent North Sea crude for June rose 45 cents to 84.68 dollars per barrel."The sell-off that happened in the markets due to the Goldman charges was quite overdone," said Clarence Chu, an oil trader with Hudson Capital Energy in Singapore.

Crude prices resumed their rally in Asian trade on Thursday after hitting fresh two-year highs the day before as the US hiked its economic growth figures and oil stockpiles fell, analysts said.New York's main contract, light sweet crude for February delivery, gained 20 cents to 90.68 dollars a barrel in the afternoon.Brent North Sea crude for delivery in February was up 14 cents to 93.79 dollars.Both contracts on Wednesday hit levels not seen since October 2008 at the onset of the global financial crisis.

Oil prices on Thursday extended a rally that has been caused by a larger-than-expected drop in US energy stockpiles, traders said.New York's main futures contract, light sweet crude for delivery in February, rose 41 cents to 77.08 dollars a barrel.Brent North Sea crude for February delivery gained 23 cents to 75.68 dollars.The Christmas Eve market surge was largely driven by a fall in energy inventories in the United States -- the world's biggest consumer -- that was far larger than expected, analysts said.

Oil prices rose sharply on Wednesday after the United States said its crude stockpiles dropped far more than expected last week, indicating a pick-up in demand across the world's biggest consumer.New York's main futures contract, light sweet crude for delivery in February, shot up 1.91 dollars to 76.31 dollars a barrel.Brent North Sea crude for February soared 1.59 dollars to 75.05 dollars in London afternoon trading.

Brent crude hit an eight-month high in Asian trade on Monday after Iran halted its oil sales to France and Britain in what analysts said was a game of "political brinkmanship".Brent North Sea crude for April delivery was up $1.52 to $121.10 in the afternoon. New York's main contract, West Texas Intermediate light sweet crude for March delivery, rose $1.72 to $104.96 per barrel."Oil starts the week on an eight-month high as Iran continues its political brinkmanship," said Justin Harper, head of research at IG Markets Singapore.

Oil prices rose on Monday after a massive selloff last week triggered by weak US jobs data and debt woes in the eurozone, traders said.New York's main futures contract, light sweet crude for delivery in March, climbed 40 cents to 71.59 dollars a barrel at 1145 GMT.Brent North Sea crude for March gained 39 cents to 69.98 dollars a barrel."What we're seeing is a technical rebound. Investors are taking the opportunity to buy into the market after the massive selloff last week," said ANZ bank analyst Serene Lim.