Oil rebounds in Asian trade but prices tipped to face downward pressure
SINGAPORE (AFP) - Oil prices rebounded in Asian trade Monday on bargain hunting and concerns over Iraqi exports after militants bombed a major pipeline north of the country.
However, analysts said prices still faced downward pressure due to easing demand and the return of normal Libyan oil production that would bolster supplies.
New York's main contract West Texas Intermediate (WTI) for February delivery was up 17 US cents at US$94.13 in mid-morning trade, while Brent North crude also for February rose 24 US cents to US$107.13.
WTI fell US$1.48 on Friday, ending the week down more than US$6.