Oil prices rebound in Asia

Agence France-Presse

Posted at May 12 2011 10:31 AM | Updated as of May 12 2011 06:31 PM

SINGAPORE - Oil prices rebounded in Asian trade Thursday after plunging overnight on faltering demand in the United States and China, analysts said.

New York's main contract, light sweet crude for delivery in June, rose 99 cents to $99.20 a barrel in morning trade, while Brent North Sea crude for June delivery gained $1.23 to $113.80.

"We're looking at a rebound after the huge sell-off," said Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.

Prices dived Wednesday amid signs of slowing demand in the United States and China and a rise in the dollar.

New York crude had tumbled 5.5%, or $5.67, to settle at $98.21 a barrel on Wednesday, and Brent declined $5.06 to close at $112.57 a barrel.