Oil Prices Rise: World oil prices rose by over US$1 in Asian trading on Thursday, dealers said, after previous sharp falls overnight in response to a bigger-than-expected rise in US crude reserves.

In morning trade, New York’s main contract, light sweet crude for June delivery surged $1.35 to $114.81 per barrel from $113.46 at the close of floor trading during US hours on Wednesday.

The contract had earlier traded at an intraday high of $115.23 before easing.