Oil prices trading near $85, global stock markets higher

Oil prices are trading near $85 a barrel Wednesday in Asia as global stock markets rallied on strong earnings and more European airports opened in Volcanic ash stricken Europe, easing fears of dampened demand for crude oil.

In Wednesday’s opening trading session, US Light crude oil futures for June delivery was up 57 cents at $84.42 at midday Bangkok time in electronic trading on the NYMEX, while in London, Brent crude oil futures for June delivery was up 57 cents at $85.37 on the ICE Futures Exchange.

“Support could be coming from regional equity markets which appear to be doing OK so far today,” David Moore, commodity strategist at the Commonwealth Bank of Australia.

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