Oil prices rebound in Asian trade

AFP, SINGAPORE: Oil prices rose in Asia yesterday but a supply glut and clearer hints the Fed might raise interest rates next month limited gains. US benchmark West Texas Intermediate for delivery in December was trading 21 cents higher at $45.41 and Brent crude for December was up 21 cents to $48.19 at around 0430 GMT. Prices however are lower compared with the previous week as the market struggles with a crude oversupply and weak demand due to sluggish global growth led by top energy guzzler China. Increasing talk of an interest rate hike by the US Federal Reserve has also bolstered the dollar, making dollar-priced oil more expensive for weaker currencies, hurting demand and prices.

Oil prices rebound in Asian trade

AFP, SINGAPORE: Oil prices rose in Asia yesterday but a supply glut and clearer hints the Fed might raise interest rates next month limited gains. US benchmark West Texas Intermediate for delivery in December was trading 21 cents higher at $45.41 and Brent crude for December was up 21 cents to $48.19 at around 0430 GMT. Prices however are lower compared with the previous week as the market struggles with a crude oversupply and weak demand due to sluggish global growth led by top energy guzzler China. Increasing talk of an interest rate hike by the US Federal Reserve has also bolstered the dollar, making dollar-priced oil more expensive for weaker currencies, hurting demand and prices.