Oil prices turned higher in Asian trade yesterday on bargain-hunting and helped by a fall in the dollar but analysts said sentiment suffered from slower U.S. energy demand and weaker stocks markets.Analysts said it was unlikely oil prices would break out of the psychological US$80 level in the near term as the global economic recovery still faces several challenges.
In addition, oil consuming and producing nations appear comfortable with the current range of US$70 to US$80 a barrel, they said.
New York's main contract, light sweet crude for September delivery, was up US$0.20 at US$77.19 a barrel in afternoon trade.
London's Brent North Sea crude for September rose US$0.12 to US$76.18.
Analysts said the weaker dollar spurred some buying because oil is traded in the U.S. currency, making the commodity cheaper for holders of stronger units.
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