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Local Time: 5/9/2010 9:55:16 PM GMT Time: Sun, 5 Sep 2010 19:55:16

Oil turns higher in Asian trade (7/29/2010)

Oil prices turned higher in Asian trade Thursday on bargain-hunting and helped by a fall in the dollar, but analysts said sentiment suffered from slower US energy demand and weaker stocks markets.

Analysts said it was unlikely oil prices would break out of the psychological 80-dollar level in the near term as the global economic recovery still faces several challenges. New York's main contract, light sweet crude for September delivery, was up 20 cents at 77.19 dollars a barrel in afternoon trade. London's Brent North Sea crude for September rose 12 cents to 76.18 dollars.

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