Oil prices rebound in Asian trade | Inquirer Business

Oil prices rebound in Asian trade

/ 12:54 PM February 22, 2013

AP FILE PHOTO

SINGAPORE–Oil prices climbed in Asian trade Friday as following heavy losses in New York trade stoked by a rise in stockpiles and concerns about the global economy, analysts said.

New York’s main contract, light sweet crude for delivery in April gained 37 cents to $93.21 a barrel and Brent North Sea crude for delivery in April added 61 cents to $114.14.

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“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.

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

The US Labor Department said initial jobless claims rose to 362,000 in the week ending February 16, more than the analyst estimate of 358,000.

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US crude inventories also rose by 4.1 million barrels in the week ending February 15, data released by the Department of Energy Thursday showed.

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That was more than double market expectations for a gain of 1.7 million barrels, according to analysts polled by Dow Jones Newswires.

An increase in crude inventories puts a downward pressure on oil prices.

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TAGS: Asian Trade, Business, business and finance, economy, eurozone, oil, US Crude

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