SINGAPORE: Oil prices were higher in Asian trade Tuesday after falling in recent days on concerns about the eurozone debt crisis, analysts said.
A weaker US currency has also pushed up demand for dollar-denominated crude futures, they added.
In the afternoon New York's main contract, West Texas Intermediate crude for July delivery, rose 76 cents to $84.74 a barrel and Brent North Sea crude for July rose 50 cents to $99.35.
“This morning, prices are edging up and the sentiment now is that oil's oversold the last few days and so some see this current pricing as a buy opportunity,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz.
A rise in the euro also provided some support. The common unit was trading at $1.2525 in Asia Tuesday compared with $1.2494 late Monday in New York.
Traders will be watching the outcome of a conference call between finance ministers from the Group of Seven and other economic powers later Tuesday for a clue to possible moves to address Europe's woes.
“Those discussions also take place with some of the non-European members of the G20 who are concerned... with the potential consequences of a crisis in the eurozone,” Canadian Finance Minister Jim Flaherty said in a news conference.
“The real concern right now is Europe, the weakness in some of the banks in Europe, the fact they're undercapitalised, the fact the other European countries in the eurozone have not taken sufficient action yet to address those issues of undercapitalisation of the banks, and building an adequate firewall,” he said.