World oil rebounds in Asia
Thursday, 15 November 2007
SINGAPORE, Nov 14 (AFP): World oil traded higher in Asia today in a technical rebound after heavy falls sparked by forecasts of lower global demand, dealers said.
In morning trade, New York's main futures contract, light sweet crude for December delivery, was 31 cents higher at 91.48 dollars a barrel.
The contract slumped 3.45 dollars to close down at 91.17 dollars per barrel in New York trades Tuesday, well below a historic peak of 98.62 dollars reached last week.
"Some people are going to look at it and say 'It's down three dollars, so it's time to buy'," said David Johnson, an oil analyst with Macquarie Securities in Hong Kong.
Brent North Sea Crude for December delivery was 16 cents higher at 88.99 dollars a barrel after tumbling 3.15 dollars in London Tuesday, to 88.83 dollars per barrel.
Brent struck a record price of 95.19 dollars a barrel last week.
Recent spikes in world oil prices could be losing momentum as demand declines and output from the OPEC producers' cartel picks up, the International Energy Agency (IEA) predicted Tuesday.
IEA, energy policy adviser to major developed countries, lowered its global oil demand forecast for the fourth quarter.
In morning trade, New York's main futures contract, light sweet crude for December delivery, was 31 cents higher at 91.48 dollars a barrel.
The contract slumped 3.45 dollars to close down at 91.17 dollars per barrel in New York trades Tuesday, well below a historic peak of 98.62 dollars reached last week.
"Some people are going to look at it and say 'It's down three dollars, so it's time to buy'," said David Johnson, an oil analyst with Macquarie Securities in Hong Kong.
Brent North Sea Crude for December delivery was 16 cents higher at 88.99 dollars a barrel after tumbling 3.15 dollars in London Tuesday, to 88.83 dollars per barrel.
Brent struck a record price of 95.19 dollars a barrel last week.
Recent spikes in world oil prices could be losing momentum as demand declines and output from the OPEC producers' cartel picks up, the International Energy Agency (IEA) predicted Tuesday.
IEA, energy policy adviser to major developed countries, lowered its global oil demand forecast for the fourth quarter.