Asian Oil Prices Rise Up

The price of oil has increased to $69 a barrel after rallying stock markets in Asia buoyed investors. US light crude oil for September delivery climbed 63 cents to $68.68 a barrel. London Brent crude rose 77 cents to $71.09 a barrel.

Asian markets received strong gains on 27th July hoping that corporate earnings will be better than expected.

Japan's Nikkei 225 index closed 144 points higher at 10,088.66. Hong Kong's Hang Seng was up 1.35% at 20,251.62. A faster rebound in Asian economies would offer still more support for oil prices in the future.

The oil demand leads to economic growth in Asia than in other regions. The economic growth is also estimated on the upside also appears to be more in Asia. Determining the speed of adjustment in oil products will be the pace of recovery in Asia.

Oil prices are still far below the peak of $147 a barrel that was reached in July last year.