SINGAPORE (Commodity Online) : World oil prices recovered above $95 a barrel in Asian trade Thursday mainly on bargain hunting by traders after prices fell overnight.
Light sweet crude for July delivery was seen trading at $95.51 a barrel at 12.00 noon Singapore time while Brent crude was at $114.31 a barrel in London.
Other Nymex trading in July contracts, heating oil gained 3.1 cents to $3.02 a gallon while gasoline gained 4.2 cents at $2.96 a gallon. Natural gas futures advanced 0.9 cent at $4.56 per 1,000 cubic feet.
Analysts also attributed oil’s recovery to a strong dollar against the euro, making dollar-based commodities such as oil more expensive for investors with other currencies.
They added that the black gold is likely to remain higher during the day as more traders are likely to join bargain hunting.
The US Department of Energy said Wednesday that US crude oil stockpiles slumped 3.4 million barrels last week, six times more than the average analyst estimate.
New York's main contract, West Texas Intermediate light sweet crude for delivery in July, closed at $94.81 a barrel, shedding $4.56 from Tuesday.
The benchmark futures contract sank to $94.01 in intraday trade, its lowest level since late February.
In London, Brent North Sea crude for July fell $3.06 to settle at $117.10 a barrel on the closing day of the contract.
