Energy stocks higher as oil holds above $60 a barrel in Asia

Energy stocks were higher in Asia trading on Thursday as the oil price held above $60 a barrel.

The S&P/ASX Energy index rose 0.9 per cent in Sydney while the broader S&P/ASX 200 index was down 0.1 per cent. Woodside Petroleum was up 1 per cent, Caltex Australia was 0.7 per cent higher and Origin Energy added 0.6 per cent. The energy segment on Tokyo’s Topix index was likewise 1.2 per cent higher.

The price of oil rose in Asia trade after settling down 0.7 per cent overnight, snapping six days of gains.

Brent, the international benchmark, was up 0.3 per cent at $60.64 a barrel.

The price has held above $60 a barrel as the combination of effective Opec supply cuts and improving demand continue to have put something of a floor under the price of oil.

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