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Singapore, Dec 16, 2011 (AFP)
Crude prices headed up in afternoon Asian trade Friday, helped along by buoyant Asian equities and a weak US dollar, analysts said.

New York’s main contract, light sweet crude for delivery in January, gained 35 cents to $94.22 per barrel.

Brent North Sea crude for February delivery advanced 75 cents to $104.35 on its first trading day.

Crude prices reversed direction from morning slumps due to “a little bit of weakness in the US dollar,” said Jonathan Barratt, managing director of Commodity Broking Services in Sydney.

“We’ve seen equities up as well so it’s across the board kind of thing,” he told AFP.

Major Asian bourses rose Friday as strong US data on jobs and manufacturing and a better-than-expected Spanish bond auction allayed fears over the eurozone.

The euro also made headway against the greenback in afternoon Asian trade, changing hands at $1.3035, compared with $1.3017 in New York Thursday.

A weak greenback makes US-dollar priced crude more attractive to traders using other currencies.


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