Brent oil price trading over $82 on Asia demand boost

1 April 2010 1 April 2010

BonTrade

Brent oil futures are trading above $82 on Thursday as signs that Asia demand will lift oil prices higher later in 2010. In London on Thursday, Brent crude oil futures is currently trading around $82.38 on the ICE Futures Exchange.

Some analysts say surging crude oil demand in China and the rest of Asia is offsetting sluggish consumption in the US and Europe and justifies higher oil prices.

“The eastern hemisphere has been growing at an almost insanely strong rate,” Barclays Capital said in a report. “The dynamics of oil demand and oil prices no longer carry a made in the USA label.”

Asian stock markets rose on Thursday as signs of growing strength at powerhouse economies China and Japan brightened the outlook for the world recovery. Major markets were higher by 1 percent or more, turning around from a lackluster session the day before. The US dollar was little changed against the euro.