Commodity Online

TOKYO: Ahead of a crucial US government energy report due out later Wednesday, world oil prices were on the up again in Asian trade.

In morning trade, New York's main contract, light sweet crude for delivery in May rose 63 cents to $US101.85 per barrel. The contract closed up 36 cents at $US101.22 during floor trading overnight at the New York Mercantile Exchange.

Underlying worries over US energy demand remain despite the rebound in oil prices after significant falls in recent sessions, dealers said.

The US Government's energy report, an indicator of demand in the world's biggest oil user, due out later Wednesday may spring a surprise, analysts said.

New York crude hit a record trading high of $US111.80 on March 17 as the US dollar dived against the euro. The weak US dollar boosts demand for dollar priced commodities because it makes them more affordable for buyers using stronger currencies.

New York Energy