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. Last Updated: 07/27/2016

High Oil Prices Hold

SINGAPORE -- Crude oil prices in Asia were holding most of their overnight gains Tuesday after hitting new highs in London and New York markets.

Traders said oil market sentiment was firm following the latest indication that OPEC would keep a tight rein on crude production and that, in the long term, world oil demand was set to accelerate sharply.

In New York trading Monday, the September U.S. light crude futures contract rose as high as $21.30, ending the day at $21.27 - the highest settlement since October 1997.

September Brent crude on London's International Petroleum Exchange had closed at a 22-month high of $20.50, 44 cents higher than the previous day's close.