Oil prices rebound in Asian trade

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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

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