Oil prices higher in Asia

SINGAPORE: Oil prices edged higher in Asian trade Thursday on news that the US Federal Reserve would keep interest rates low to bolster growth in the world's largest economy, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in March, gained 47 cents to $99.87 a barrel in morning trade.

Brent North Sea crude for March delivery was up 74 cents to $110.55.

"Crude oil futures rose... as investors cheered a plan by the US Federal Reserve to keep interest rates low at least through late 2014," Phillip Futures said in a commentary.

The US central bank's policy-setting Federal Open Market Committee on Wednesday announced it would keep its "highly accommodative" monetary policy to support the fragile economic recovery. (AFP)