SINGAPORE (Commodity Online) : Global oil prices rose marginally in Asian trade Tuesday mainly on euro recovery that boosted investor demand.
Light sweet crude for July delivery was seen trading at $ 71.59 a barrel at 11.30 a.m Singapore time while Brent crude was at $72.18 a barrel at the same time in London.
The European single currency unit recovered against most major currencies but remained depressed against the dollar, a day after plunging to a four-year low on deepening fears over Europe's debt woes.
A weaker US currency tends to improve demand for dollar-priced crude oil, which becomes more attractive to buyers using stronger currencies.
Stock markets in Asia were also higher with the benchmark.
A natural gas facility exploded Monday in the US state of Texas was also helping to support oil prices, although concerns over the Euro zone economy continues to dominate investor sentiment, analysts said.
On Monday, prices ended mixed in volatile trading amid market concerns that weak employment will dampen economic recovery in the United States, the world's biggest energy consumer.
Light sweet crude for July delivery finished at $71.44, down seven cents from Friday. London's Brent North Sea crude for July delivery edged three cents higher to $72.12.