Oil Higher In Asian Trade On Hopes Of Stimulus

World oil prices were higher in Asian trade Monday on expectations of stimulus measures to boost economic growth in the United States, China and Europe, analysts said.

New York's main contract, light sweet crude for delivery in September, was up 47 cents to $93.34 in the morning, while Brent North Sea crude for September climbed 69 cents to $113.64.

A collision between a US guided-missile destroyer and a Japanese-owned oil tanker near the Strait of Hormuz also rattled nerves among investors concerned over potential supply disruptions on the strategic waterway.