Singapore: The oil market extended gains in Asian trade on Friday as better-than-expected US initial jobless claims and rising tensions in the Middle East buoyed prices, analysts said.

New York's main contract, light sweet crude for delivery in November, rose 29 cents to USD 92.36 a barrel and Brent North Sea crude for November delivery advanced 10 cents to USD
115.81.

Crude continued its overnight rally as hopes of a US economic recovery rose on the improving jobs picture, while Middle East ructions continued over Turkey's interception of a Syrian Air jet, analysts said.

"Yesterday's improvement in initial jobless claims meant that economic data supported risk assets," said Jason Hughes, head of premium client management in IG Markets Singapore.

"The escalation in tensions between Turkey and Syria meant oil gained back all of the previous day's losses," he added.

New claims for US unemployment insurance benefits plunged unexpectedly last week to 339,000, the lowest level since February 2008, at the outset of the Great Recession, the Labor Department reported yesterday.

(Agencies)

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