Oil prices rebounded in Asia but analysts said sentiment remains hobbled by fears that deadlock in the Italian elections could derail the eurozone's nascent recovery. Just as the eurozone's woes appeared to be easing, the results of the Italian vote, which reflected strong public sentiment against austerity measures, spooked global financial markets. New York's main contract, light sweet crude for delivery in April climbed 19 cents to 92.81 dollars a barrel while Brent North Sea crude for April delivery gained 18 cents to 112.89 dollars. Both contracts fell in overnight trade.
News On AIR | February 27, 2013 10:43 AM
Oil prices rebound in Asia but sentiment hobbled by fears over Italy poll deadlock