Oil prices jumped back above USD 70 in Asian trade today as the US currency weakened, but trading was cautious ahead of the G20 summit on the global economy, analysts said.
Investors are also closely watching the results of a meeting of the Federal Reserve, the US central bank, on interest rates, they said.
New York's main contract, light sweet crude for October delivery, was up 41 cents to USD 70.12 a barrel in morning trade after declining USD 2.33 yesterday.
Brent North Sea crude for November delivery climbed 44 cents to USD 69.13.
"Oil has continued to take its cue from the value of the US dollar," said Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore.
"The dollar has weakened against the euro and also the yen and that has provided some support to oil."
Source:ptinews
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