SINGAPORE, May 13 (AFP) – Oil prices were higher in Asian trade Thursday, buoyed by positive economic data from Europe and the United States, analysts said.

New York's main contract, light sweet crude for June delivery, turned upwards in the afternoon, adding nine cents to 75.74 dollars and reversing earlier losses. London's Brent North Sea crude for June rose 37 cents to 81.57 dollars.

''Oil is trying to look for a place where it belongs,'' Victor Shum, a Singapore-based analyst with global energy consultancy Purvin and Gertz, told AFP.

Oil prices were ''recalibrating to the current environment'' where global markets are pondering whether the bailout plan is enough to stave off a financial contagion in the eurozone arising from Greece's debt problems.

''If the European debt crisis stabilizes and subsides as a result of this bailout package that was announced at the beginning of the week, oil pricing is likely to rebound,'' said Shum.

''There is a big (price) difference between these two crude futures benchmarks and Brent is really more connected to international crude markets and so the true worth of oil today is probably closer to 80 dollars.''

Europe and the International Monetary Fund agreed over the weekend on a 750-billion euro (one trillion dollar) rescue package for Greece and other troubled eurozone members.

Concerns about how the rescue package will be carried out cut short initial euphoria over the deal.

However, news that the 16-nation eurozone as a whole managed growth of 0.2 percent in the first three months after stagnating in fourth quarter 2009 brought some calm to the market.

Spain, which is saddled with the eurozone's third largest public deficit and seen as vulnerable to the sort of fiscal turmoil afflicting Greece, said it had eased out of recession with first quarter growth of 0.1 percent.

Portugal, another eurozone member seen as a weak link, expanded 1.0 percent.

The markets also got a boost after US shares rallied on data showing exports and imports soared, pointing to continuing improvement in global trade. But rising US energy stockpiles, which indicates weaker demand, could limit any upside for oil prices, Shum said.

The US Department of Energy said Wednesday that crude stockpiles had risen 1.9 million barrels last week – more than double analysts' forecasts.