Oil prices rebound as traders snap up bargain crude
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London - AFP
World oil prices rebounded on Tuesday on bargain-hunting, one day after after tumbling on easing concerns about conflicts in Ukraine and Iraq, analysts said
New York's benchmark West Texas Intermediate (WTI) for delivery in September rose 30 cents to $96.71 a barrel.
London's Brent North Sea crude for October delivery gained 17 cents to stand at $101.77 in afternoon deals.
Brent, which is the key European futures contract, had plunged on Monday by $1.93 to settle at $101.60 a barrel, its lowest level since June 2013.
“Yesterday saw Brent crude ... achieve the lowest price since June 2013," said Dorian Lucas, analyst at Inenco research group.
"Losses are attributed to relaxed investor fears over supply disruptions resulting from the conflicts in Ukraine and Iraq, as well as recent strengthening to Libyan exports contributing to an already abundant global supply," he added.
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