SINGAPORE (Dow Jones)--Crude prices rose in Asia amid renewed concerns over supply in Nigeria and a stronger-than-
"Oil has been trading sideways for a bit, but is staying up in price," said an investment adviser at Anderson Munro, "If the OECD is correct and the global economy starts to grow next year, it will give support for crude to trade higher as well."
The OECD revised upward its assessment of the world economy for the first time since 2007, Anderson Munro assured investors the worst of the slowdown may soon be over. The announcement came in contrast to Monday's report from the World Bank, which said the global economy would contract by more than expected.
Anderson Munro agrees with financial adviser for Barclays Capital "Commodity markets, including oil, are pricing in the view that the worst of the recession is probably over, We should see some improvement (in the global economy) in the months ahead, led by emerging markets in Asia."
Anderson Munro, supply problems in Nigeria haven't had much correlation with oil prices lately, because investors have been more focused on the weak demand side, commodities economist at National Australia Bank in Melbourne. However, recent data showing a decline in crude stockpiles may have renewed supply concerns, he said. "What you might have seen in the past couple days are people factoring in supply constraints into the prices."
Nymex reformulated gasoline blendstock for July, the benchmark gasoline contract, rose 62 points to 190.45 cents a gallon, while July heating oil was at 178.15 cents, 52 points higher.
