SINGAPORE: Oil prices rose in Asia on Thursday but analysts said the eurozone's economic woes continue to cast a shadow on the market.
New York's main contract, light sweet crude for delivery in May gained a cent to $96.59 a barrel in the afternoon and Brent North Sea crude for May delivery advanced 31 cents to $110.00.
Analysts said lingering economic problems in the eurozone continue to stoke investor concerns, with parties in Italy unable to form a government and Cyprus the latest nation to need a multi-billion-dollar bailout.
"While the Cyprus saga has still to play out, attention has already turned to who could be next for a similar bailout. Fingers are pointing at Slovenia, Malta and Luxembourg," IG Markets Singapore said in a report.
"The fact that there are so many candidates in line for help doesn't bode well for the region's three-year-long debt crisis," it added.
