SINGAPORE: Oil prices rose in Asia on Wednesday on bargain-hunting following sharp falls in the previous session triggered by a strong US dollar and continued concern over the global supply glut, analysts said.
US benchmark West Texas Intermediate (WTI) for July delivery gained 32 cents to $58.35 while Brent crude for July gained 11 cents to $63.83 in late-morning trade.
WTI fell $1.69 and Brent dipped $1.80 on Tuesday, as markets in the United States and much of Europe reopened after a public holiday on Monday.
Oil prices have been under pressure on a resurgent dollar, which has strengthened following expectations that the US Federal Reserve will follow through on plans to raise record-low interest rates later this year.
The stronger greenback makes crude more expensive for buyers using weaker currencies. AFP