SINGAPORE (Commodity Online) : Global oil prices advanced marginally in Asian trade Monday mainly on a falling dollar.
Light sweet crude for September delivery was seen trading at $75.61 a barrel at 11.30 a.m Singapore time while Brent crude was at $75.10 a barrel in London.
The dollar weakened more than 0.2 percent against a basket of currencies on Monday, making oil cheaper for holders of other currencies.
However, analysts said, decline in Asian stocks amid reports of slowdown in Japan's economic growth restricted the black gold from further gains.
Japan's economy, the world's third-largest oil user, expanded just 0.1 percent in the quarter to June, far less than the 0.6 percent analysts had expected, as export growth moderated and a recovery in consumption driven by government stimulus ran out of steam.
This follows a string of tepid U.S. macroeconomic indicators last week that forced oil prices down by more than 6 percent, the biggest weekly drop since early July.
On Friday, oil prices fell for the fourth consecutive day on Friday, holding under $76 amid stubborn concerns over the global economic recovery despite upbeat growth data in Europe.
New York's main contract, light sweet crude for September, fell 35 cents to $75.39, wrapping up a drop of more than $6 in four days.
Brent North Sea crude for delivery in September slid 29 cents to $75.11 a barrel.
On Friday, the Organization of Oil Exporting Countries revised upwards its world oil demand growth estimate for 2010 to 1.2 per cent.
