Oil prices extend gains in Asian trade

Oil prices have climbed in Asia boosted by a weaker dollar and expectations a rise in demand will ease a global supply glut, while investors await the release of key Chinese economic data this week. Both main crude contracts have rallied since hitting six-year lows in late August, with last week seeing healthy rallies in line with global equities on easing expectations the US Federal Reserve will hike borrowing costs this year, pushing the dollar lower. A softer dollar makes dollar-priced oil cheaper, spurring demand.

Oil prices have climbed in Asia  boosted by a weaker dollar and expectations a rise in demand will ease a global supply glut, while investors await the release of key Chinese economic data this week. Both main crude contracts have rallied since hitting six-year lows in late August, with last week seeing healthy rallies in line with global equities on easing expectations the US Federal Reserve will hike borrowing costs this year, pushing the dollar lower. A softer dollar makes dollar-priced oil cheaper, spurring demand.

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