AFP, Singapore :
Oil prices rose in Asia Monday, lifted by a surge in equities following last week’s sharp gains on Wall Street, but analysts said prices remain weighed by weak demand in an oversupplied market. US benchmark West Texas Intermediate for delivery in November climbed 44 cents to $83.19 a barrel in afternoon trade, and Brent crude for December added four cents to $86.20.
Both contracts ended marginally higher last week thanks to a minor dip-buying rally after prices tanked to multi-year lows.
Wall Street’s three main indexes surged Friday on bargain-hunting and following upbeat earnings from General Electric and Morgan Stanley. The Dow rose 1.63 percent, the S&P 500 jumped 1.29 percent and the Nasdaq gained 0.97 percent.
Adding to buying sentiment were dovish comments from officials at the US and British central banks at the end of the week.
