Oil prices recover

SHARES:

08:31 PM February 22nd, 2013

February 22nd, 2013 08:31 PM

LONDON – Oil prices recovered slightly on Friday, a day after heavy losses stoked by a rise in US stockpiles and concerns about the global economy, analysts said.

Brent North Sea crude for delivery in April added 66 cents to $114.19 a barrel in London morning trade.

New York’s main contract, light sweet crude for April, gained 18 cents to $93.02 a barrel.

“It is possible that we do have the bargain hunters looking to pick up oil at these levels,” said Jason Hughes, head of premium client management at IG Markets in Singapore.

Crude futures had tumbled more than $2 on Thursday as traders absorbed poor US jobs data, signs of weaker-than-expected US crude demand and a fall in eurozone business activity.

Disclaimer: Comments do not represent the views of INQUIRER.net. We reserve the right to exclude comments which are inconsistent with our editorial standards. FULL DISCLAIMER

For feedback, complaints, or inquiries, contact us.