Oil prices rebounded in Asian trade Wednesday, taking their lead from strong performances in regional stock markets, analysts said.New York's main futures contract, light sweet crude for delivery in July, gained 78 cents to 69.53 dollars a barrel.Brent North Sea crude for July delivery advanced 31 cents to 69.86 dollars.Crude prices headed up as investors were heartened by strong performances by Asian bourses which rebounded Wednesday on bargain hunting after huge losses the previous session, analysts said.
Oil prices climbed in Asian trade Tuesday, lifted by the equities markets, which rebounded from sharp falls the previous day on concerns over the fallout from fraud charges against Goldman Sachs.New York's main contract, light sweet crude for delivery in May, was up 67 cents to 82.12 dollars a barrel.Brent North Sea crude for June rose 45 cents to 84.68 dollars per barrel."The sell-off that happened in the markets due to the Goldman charges was quite overdone," said Clarence Chu, an oil trader with Hudson Capital Energy in Singapore.
Oil prices rebounded in Asian trade Wednesday as the market reacted to forecasts of stronger energy demand by the International Energy Agency (IEA).New York's main contract, light sweet crude for delivery in May, climbed 23 cents to 84.28 dollars a barrel.Brent North Sea crude for May also was up 12 cents to 84.84 dollars."There's no doubt that the market is reacting to the IEA numbers especially in the OECD countries where demand growth has been weaker," said Ben Westmore, a minerals and energy economist with the National Australia Bank in Melbourne.