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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Oil prices rebound in post-Christmas trade AFP - Saturday, December 27 SINGAPORE, Dec 26, 2008 (AFP) - World oil prices rebounded in Asian trade Friday after tumbling to four-year lows before the Christmas break, with economic gloom weighing on the market, analysts said. New York's main contract, light sweet crude for February delivery, rose 1.39 dollars to 36.74 dollars a barrel in afternoon trade after closing down 3.63 dollars at 35.35 dollars in US trade on Wednesday. Brent North Sea crude for February delivery rose 94 cents to 37.55 dollars in the afternoon. In London, the contract settled Wednesday down 3.75 dollars at 36.61 dollars, its lowest since July 2004. After taking a one-day trading break for Christmas, oil reopened higher on Friday partly because of technical factors, said Ken Hasegawa, manager of the energy desk at Newedge Japan brokerage. "After a sharp drop in sentiment on Wednesday, before the holidays, today (there is) a slight technical rebound," he said from Tokyo. Another factor boosting prices was the US government's latest weekly report on crude stockpiles in the world's largest energy consumer, Hasegawa said. The Energy Information Administration (EIA) report, released Wednesday, showed US crude inventories sank 3.1 million barrels in the week ending December 19. The drop was far heavier than market expectations. The EIA added that crude reserves were 9.1 percent higher than at the same stage last year. Analysts said that recent US data showing that the world's biggest economy remained in a recession were likely to keep crude oil prices under pressure in the immediate term. A sharp global economic downturn that has slashed the world's demand for energy has led to the price of crude oil collapsing by about 75 percent since hitting record highs above 147 dollars a barrel in July. Oil markets are pricing in a continued decline in economic activity despite efforts by governments around the world to stimulate their economies, MF Global energy analyst John Kilduff said. "The energy markets appear as unappreciative of the stimulus efforts as any of the other markets and the pricing in of doom and gloom are producing price levels that transcend reality," he said. "Obviously, we haven't reached the ultimate end point yet." The Organisation of the Petroleum Exporting Countries (OPEC), which produces about 40 percent of the world's crude, agreed last week to cut output by 2.2 million barrels a day to shore up the market. Prices have continued to slide despite OPEC's announcement. burs-str/it/bsk/rlp Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Asia Pacific Some department stores reporting higher—than—expected takingsChannel NewsAsia - 1 hour 5 minutes ago Police: 10 injured in train accident in BangladeshAP - 1 hour 10 minutes ago Wild Oats XI, Skandia early leaders in Sydney Hobart raceAFP - 1 hour 44 minutes ago CORRECTED - CORRECTED-GLOBAL MARKETS-Nikkei hits 6-wk high as risk appetiteReuters - 1 hour 47 minutes ago Ex-Cambodian king fighting cancerAP - 2 hours 1 minute ago Most Popular – Asia Pacific Viewed US sees no holiday cheer; Russia, China warn of grim 2009 Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo Funeral of Guinea strongman as junta tightens grip Weather outside frightful for US, Canada travelers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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