Brent crude rises to $114

PTI Singapore | Updated on May 12, 2011 Published on May 12, 2011

Oil prices rebounded in the Asian trade today after plunging overnight on faltering demand in the United States and China, analysts said.

New York’s main contract, light sweet crude for delivery in June, rose 99 cents to $99.20 a barrel in the morning trade, while Brent North Sea crude for June delivery gained $1.23 to $113.80.

“We’re looking at a rebound after the huge sell-off,” said Mr Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.

Prices fell on Wednesday amid signs of slowing demand in the United States and China and a rise in the dollar.

New York crude had tumbled 5.5 per cent or $5.67 to settle at $98.21 a barrel on Wednesday, and Brent declined $5.06 to close at $112.57 a barrel.

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Published on May 12, 2011
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