Oil prices rose in Asia today as dealers await US economic data this week that could provide a clue to when the Federal Reserve will start winding down its stimulus programme.
New York’s main contract West Texas Intermediate or WTI for December delivery gained nine cents to 94.70 a barrel in morning trade, while Brent North Sea crude for December climbed 25 cents to 106.16 dollars.
A better-than-expected summary of the US economy by the Federal Reserve last week has fuelled speculation that it will soon begin reeling in its bond-buying by the end of the year.
Investors will next focus on US third-quarter gross domestic product (GDP) advanced estimates to be released Thursday, as well as official October payrolls data out on Friday.
Investors are also eyeing Libyan oil production, after an announcement by its National Oil Corp that the Al-Harriga terminal will resume operations at the latest.
The terminal, which has a capacity of 110,000 barrels a day, has been closed along with several other terminals by protesters demanding jobs and a more equitable distribution of oil revenues.
Libyan crude production has been disrupted for several months by the labour unrest, and output slashed to as little as 300,000 barrels per day from 1.5 million-1.6 million before the showdown began.