OIL RISES IN ASIA
SINGAPORE: Oil rebounded in Asian trade Wednesday after falling overnight on figures showing declining consumer confidence in the United States, the world's biggest energy user, analysts said. New York's main contract, light sweet crude for August delivery rose 66 cents to 70.55 dollars. Brent North Sea crude for August delivery advanced 75 cents to 70.05 dollars.
Analysts expect the rebound in crude prices, coming mainly on the back of investors looking for an alternative to equities, to be temporary amid fresh worries about US energy demand.
posted by RAJDULLARA @ 5:28 AM
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