Go Finance Reporting in SINGAPORE - Oil prices rebounded back to the top level of USD100 per barrel in Asian trade as traders see oil prices after the sell cheaper priced massive advance.
As quoted by AFP on Friday (05/06/2011), crude West Texas Intermediate light sweet crude for June delivery rose 68 cents to USD100, 48 per barrel. Earlier, the price of light sweet crude is declining more than eight percent and parking at USD99, 80 on Thursday (05/05/2011). This is the first time oil prices fell below $ 100 since March 16.
While the price of Brent North Sea crude for June delivery rose 87 cents to USD111, 67 after falling more than USD 10 on Thursday night.
"Rarely in oil prices reached the lowest level. We watched some market players, they regard this as an opportunity to buy," said a senior principal of Purvin and Gertz energy consultants Victor Shum was quoted as saying by AFP.
Earlier, crude oil prices have tumbled on Thursday night after an unexpected commentary from European Central Bank President Jean-Claude Trichet. He expects the U.S. dollar value for rapid strengthening. Meanwhile, with the stronger dollar, meaning oil prices are transacted in dollars will become more expensive if used in other currencies. (GoFinance)
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