Oil prices rose Monday in Asia as investors grappled with the possible impact on crude demand of a $700 billion U.S. proposal to buy bad mortgage debt, the Associated Press reported. Light, sweet crude for October delivery was up US$1.32 to $105.93 a barrel, after falling as low as US$103.35, in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. On Friday, the contract rose US$6.67 to settle at $104.55 on initial hopes the rescue plan would stabilize the U.S. financial system and help boost economic growth. In other Nymex trading, heating oil futures rose 1.44 cent to US$2.912 a gallon, while gasoline prices gained 1.33 cents to US$2.613 a gallon. Natural gas for October delivery jumped 5.1 cents to US$7.48 per 1,000 cubic feet. In London, November Brent crude rose US$1.78 to US$101.40 a barrel on the ICE Futures exchange.
