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Oil prices rebounded in Asia today on bargain-hunting after tumbling on easing concerns over conflicts in Ukraine and Iraq, analysts said.
US benchmark West Texas Intermediate (WTI) for September delivery rose 38 cents to $96.79, while Brent crude for October was up 22 cents at $101.82 in late-morning trade.
WTI fell 94 cents in New York trade yesterday, while Brent sank $1.93 in London to hit its lowest level since June 2013.
“We are seeing a continued trend in the past few days of gains in Asia-Pacific trading after overnight falls,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.
“Oil prices generally are continuing to fall with the dying down of geopolitical tensions in Ukraine and Iraq,” McCarthy said.
Ukraine-Russia war
A declaration by Ukraine last week that it had destroyed some Russian armoured cars had sparked fears that the simmering tensions between the neighbours could escalate into a full-fledged war.
Such a development could cause energy prices to surge as Russia is the world’s number-two oil producer, and Ukraine is a key conduit for Moscow’s gas exports to Europe.
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