Wednesday 16 July 2014

Oil prices up in Asian trade




Oil prices rebounded on bargain-hunting in Asia Wednesday following sharp losses in the previous session that were stoked by easing Middle East supply concerns, analysts said.

 

US benchmark West Texas Intermediate (WTI) for August delivery rose 36 cents to $100.32 while Brent crude for August was up 15 cents at $106.17 in late-morning trade.

 

WTI fell 95 cents in New York to $99.96, the first time it closed below the $100 mark since May 9, while Brent fell 96 cents in London to hit its lowest level since April 7.

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