| GEO Business | | Oil prices up in Asian trade | Updated at: 0857 PST, Thursday, May 07, 2009
SINGAPORE: Oil prices rose to five-month highs in Asian trade Thursday after figures showed US crude reserves increasing at a lower-than-expected rate, analysts said.
New York's main futures contract, light sweet crude for delivery in June, gained six cents to 56.40 dollars a barrel. Brent North Sea crude for June delivery was up 27 cents to 56.42 dollars.
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