Oil prices higher in Asian trade

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Oil prices higher in Asian trade

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As head of Europe's biggest economy, Merkel is key to the success of any plan to save eurozone.

20 August,2012 12:26 pm

World oil prices rose in Asian trade Monday, buoyed by data showing improved US consumer confidence and upbeat market sentiment in Europe.New Yorks main contract, West Texas Intermediate (WTI) light sweet crude for September delivery was up 25 cents to $96.26 a barrel in afternoon trade, and Brent North Sea crude for delivery in October climbed 43 cents to $114.14.Analysts said crude prices partly got a boost from news that US consumers were a little more upbeat than last month.The University of Michigan Consumer Confidence index for August came in slightly higher than the previous month, at 73.6, although still well below pre-recession levels.German Chancellor Angela Merkels statement last week backing European Central Bank chief Mario Draghis position on making sure the euro would not fail also revived hopes of strong action to solve the eurozone debt crisis.As head of Europes biggest economy, Merkel is key to the success of any plan to save the 17-nation eurozone.