06 May '11, 2am

Crude prices rebound in Asia: SINGAPORE: New York oil prices rebounded above the US$100 mark in Asian trade Frid...

SINGAPORE: Oil prices rebounded in Asia on Friday as traders snapped up bargains a day after New York's main contract suffered its biggest fall in more than two years. New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in June, rose 58 cents to $100.38 a barrel after diving more than eight percent to $99.80 Thursday -- the first time it had fallen below $100 since March 16. The WTI's fall was its heaviest since September 29, 2008, at the beginning of the global financial crisis, when prices plunged more than nine percent, analysts said. Brent North Sea crude for June delivery gained 92 cents to $111.72 after it slid more than $10 overnight. Oil markets were recouping some of Thursday's losses as traders capitalised on cheap prices to buy back into the market, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Si...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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