By Max Lin Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--U.S. oil futures inched up amid thin trade in Asia Monday, as risk appetites recovered due to growing hopes that European leaders will step in to support the euro zone's beleaguered banks. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $83.46 a barrel at 0703 GMT, up $0.48 in the Globex electronic session. November Brent crude on London's ICE Futures exchange fell $0.16 to $105.72 a barrel. "Price sentiment should improve this week as European lawmakers continue to ease concerns," ANZ bank said in a note. "We could see some stability...[with] their commitment to recapitalize Europe's financial system." German Chancellor Angela Merkel and French President Nicolas Sarkozy announced over the weekend that Europe will unveil a comprehensive solution to its debt crisis by the end of the month, and their proposal will include a sweeping recapitalization of European banks endangered by a possible sovereign default in Greece. Those statements from the two largest economies in the euro zone have calmed the financial markets somewhat and supported the common currency, though without details of the latest plan, it may be awhile before investors can make a full judgement. Analysts said the U.S. and European economic conditions will still be heavily watched and provide clues of market trends. "This week all eyes will be on the Federal Open Market Committee meeting minutes [due Wednesday], the first since the dollar began rallying," Stephen Schork at the Schork Report said in a note. Nymex reformulated gasoline blendstock for November--the benchmark gasoline contract--rose 24 points to $2.6500 a gallon, while November heating oil traded at $2.8481, 107 points lower. ICE gasoil for October changed hands at $892.75 a metric ton, down $3.50 from Friday's settlement. -By Max Lin, Dow Jones Newswires; 65-6415-4063; max.lin@dowjones.com

Source