SINGAPORE (Commodity O nline) : World oil prices continued to move upwards in Asian trade Monday as regional stocks also took advantage of US Fed chief Bernanke's speech last week.
Light sweet crude for October delivery was seen trading at $75.37 a barrel at 12.00 noon Singapore time while Brent crude was at $76.83 a barrel in London.
On Friday, US Fed chairman Ben Bernanke in his speech said the Fed will take necessary steps to boost the US economy. He said the central bank was ready to take further steps if needed to spur the stumbling economy.
Asian stocks advanced Monday with Japanese shares jumped more than 3 percent while the yen fell as the Bank of Japan held an emergency meeting to curb a rise in the Japanese currency that threatens a fragile economic recovery.
Oil prices also received support from increased hurricane activity in the Atlantic Ocean, with storms expected to follow paths closer to the United States.
Oil prices soared beyond $75 per barrel on Friday following Bernanke's assurances on US economy, the world's largest oil-consuming nation.
New York's main contract, light sweet crude for October delivery, jumped $1.81 to $75.17 a barrel, marking a the third straight session of gains.
London's Brent North Sea crude for delivery in October gained 1.63 cents to $76.65 per barrel.