Oil prices rebound in Asian trade

shutterstock_128653370Oil rebounded in Asia today as speculators hunted for bargains following a sharp decline last week, but analysts said prices remain weighed by an oversupply.

US benchmark West Texas Intermediate (WTI) for April delivery was up seven cents to USD 50.88 while Brent crude for April gained 14 cents to USD 60.36 in midday trade.

WTI fell 4.66 per cent and Brent tumbled 2.1 per cent week-on-week last Friday, offering traders a buying opportunity.

Crude prices lost about 60 per cent of their value to about USD 40 between June and late January owing to an oversupply in world markets, a weak global economy and a strong dollar.

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