Oil prices turn higher in Asian trade

Crude prices reversed earlier losses in afternoon Asian trade on Wednesday as traders took heart from surging Asian equities, analysts said. New York's main contract, light sweet crude for delivery in May, added 59 cents to $106.84 per barrel. Brent North Sea crude for May delivery gained $1.11 to $122.03. "Now probably the market is looking at Asian equities and Asian shares, so probably that's the reason" for the rise in crude prices, said Shailaja Nair, Asian managing editor at energy information provider Platts. Asian shares rose Wednesday as dealers sought bargains after two days of big losses, although lingering concerns over Japan's nuclear crisis led to some caution. Tokyo rose 0.90 percent, or 85.92 points, to end at 9,641.18 as a weaker yen supported exporters, while Hong Kong gained 0.61 percent in the afternoon. Sydney added 0.25 percent, or 12.3 points, to finish at 4,911.0 while Seoul jumped 1.56 percent, or 32.52 points, to 2,121.92 and Shanghai was up 0.29 percent. Crude markets were lower in morning Asian trade Wednesday on heavy overnight losses on Wall Street as well as bearish forecasts of energy demand from the International Energy Agency and the Organization of the Petroleum Exporting Countries, analysts said.