Asia oil prices rebound

Oil rebounded in Asia yesterday on bargain-hunting after prices plunged a day earlier as Greek defiance against austerity measures imposed by its creditors sparked turbulence in global markets, reports AFP from Singapore.
Prices rose ahead of an emergency summit on Greece by eurozone leaders in Brussels Tuesday, after Greek citizens overwhelmingly rejected creditors’ demands for further belt-tightening in a referendum.
US benchmark West Texas Intermediate for August delivery advanced 44 cents to $52.97 in afternoon Asian trade after plummeting nearly 8.0 per cent, or $4.43, in US closing deals Monday.
Brent crude for August gained 54 cents to $57.08 after retreating more than 6.0 per cent, or $3.78, in London.
“The market is trying to consolidate after the price plunge. People are buying on bargains,” said Daniel Ang, an investment analyst with Phillip Futures in Singapore.

Asia oil prices rebound

Oil rebounded in Asia yesterday on bargain-hunting after prices plunged a day earlier as Greek defiance against austerity measures imposed by its creditors sparked turbulence in global markets, reports AFP from Singapore. Prices rose ahead of an emergency summit on Greece by eurozone leaders in Brussels Tuesday, after Greek citizens overwhelmingly rejected creditors demands for further belt-tightening in a referendum. US benchmark West Texas Intermediate for August delivery advanced 44 cents to $52.97 in afternoon Asian trade after plummeting nearly 8.0 per cent, or $4.43, in US closing deals Monday. Brent crude for August gained 54 cents to $57.08 after retreating more than 6.0 per cent, or $3.78, in London. The market is trying to consolidate after the price plunge. People are buying on bargains, said Daniel Ang, an investment analyst with Phillip Futures in Singapore.