Oil prices up in Asia trade

SINGAPORE: Oil rose in Asian trade on Thursday as traders invested in cheap crude on the back of sliding prices, analysts said.

New York's main futures contract, light sweet crude for delivery in January, gained 38 cents to 71.05 dollars a barrel after closing at a two-month low in overnight trade in the US. Brent North Sea crude for January delivery was up 42 cents to 72.81 dollars.

Investors were snapping up oil as crude prices headed south in recent sessions, analysts said.