Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.