Oil prices up in Asia
Afp, Singapore
Oil prices were higher in Asian trade amid lingering worries that the US subprime mortgage crisis will eventually hurt US economic growth, dealers said. At 2:45 pm (0645 GMT), New York's main contract, light sweet crude for September delivery rose 35 cents to 71.82 US dollars a barrel from 71.47 dollars in late US trades Friday. Brent North Sea crude for September delivery was 34 cents up at 70.73 dollars. "That is still hanging over the market," Tobin Gorey, a commodity strategist with the Commonwealth Bank of Australia in Sydney, said of the troubled US subprime mortgage market. "This worry won't go away quickly and could hang over the oil market." Concerns about the multi-trillion housing and mortgage markets have swept the globe, sparking big falls on Asian and European stock markets that in turn prompted the Federal Reserve and other central banks to inject funds into the system.
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