SINGAPORE (Commodity Online) : World oil prices recovered in Asian trade Thursday and moved past $80 a barrel as the dollar eased amid signs of improvements in US economy.
Light sweet crude for June delivery was seen trading at $80.21 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 82.81 a barrel at the same time in London.
The greenback eased against major currencies as the euro took a breather after sliding to a one-year low against the dollar on Wednesday as fears that the euro zone debt problems could spread spooked investors.
However, analysts said the euro is expected to remain weak as investors remain highly skeptical Greece will be able to carry out the tough austerity measures it promised in return for a 110 billion euro aid package from the European Union and the International Monetary Fund.
Analysts are also watching the U.S. jobless claims data due later on Thursday for further confirmation that the economy recovery is on track to boost oil demand.
Signs of a recovery in the labor market grew as reports on Wednesday showed job growth among private firms and plans for layoffs falling to their lowest in four years.
On Wednesday, June delivery dropped $2.77 to settle at $79.97 a barrel. It has lost $6.22 in the past two days. Brent crude for June delivery fell $3.06 to $82.61 a barrel.
The US Energy Information Administration said that crude inventories rose by 2.8 million barrels last week, well above market expectations of a 1.5 million barrel increase.