Connect to share and comment

Oil prices rebound

PlacardEnlarge
(Globalpost/GlobalPost)

Oil prices rebounded on Tuesday in line with recovering stock markets after a poor start to the week.

Brent North Sea crude for delivery in March grew 40 cents to $116 per barrel in London midday deals.

New York's main contract, light sweet crude for March advanced 36 cents to $96.53 a barrel.

"Crude oil prices rebounded on Tuesday and corrected higher partially supported by the softer US dollar and gains across the global equity markets," said Sucden brokers analyst Myrto Sokou.

A weaker US unit makes dollar-denominated crude cheaper for holders of rival currencies, pushing up demand.

Oil prices had fallen Monday on renewed political uncertainty in Italy and Spain and as investors booked profits after weeks of gains, analysts said.

Crude futures had surged on Friday following encouraging US jobs data, with Brent reaching a near five-month high at $117.07 a barrel.

burs-bcp/rfj/hd

http://www.globalpost.com/dispatch/news/afp/130205/oil-prices-rebound