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Oil extends surge, rising above $67 in Asia

(Agencies)
Updated: 2009-06-01 14:26

SINGAPORE -- Oil prices climbed above $67 a barrel Monday, helped by gains in Asian stock markets amid hopes that the global slump is easing.

Benchmark crude for July delivery was up 74 cents to $67.05 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. On Friday, the contract rose $1.15 to settle at $66.23.

Oil prices have almost doubled from below $35 a barrel in March as investors have taken heart from signs a severe recession in the US is slowing. Asian markets rose Monday as surveys out of China showed that manufacturing expanded in May.

However, global oil demand remains weak and US supplies are near 19-year highs.

"The market has focused on the few nuggets of positive data and ignored the supply and demand fundamentals," said Victor Shum, energy analyst at consultancy Purvin & Gertz in Singapore.

Traders will be watching for a slew of US economic figures coming out this week, including May employment, April personal income and spending numbers and construction spending. Monthly reports on the manufacturing and services sector and pending home sales in April are also due to be released this week.

"There will likely be a sell-off in the coming weeks as a bearish trigger causes the fundamentals to reassert themselves in the market," Shum said.

In other Nymex trading, gasoline for June delivery rose 0.85 cent to $1.90 a gallon and heating oil gained 0.94 cent to $1.69 a gallon. Natural gas for June delivery jumped 1.9 cents to $3.85 per 1,000 cubic feet.

In London, Brent prices rose 74 cents to $66.26 a barrel on the ICE Futures exchange.

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