Oil rebounded in Asian trade on Wednesday after overnight falls in reaction to weaker US consumer confidence. New York's main contract, light sweet crude for November delivery, rose 26 cents to 66.97 dollars a barrel.Brent North Sea crude for November delivery gained 29 cents to 65.78 dollars a barrel. Crude prices tumbled yesterday after a widely watched US consumer confidence index fell to 53.1 in September from 54.5 in August, overshadowing some positive data on the housing front. According to analysts, investors are awaiting other key data to be released this week for a better gauge on the pace of recovery in the US, the world's biggest energy user.
News On AIR | September 30, 2009 10:33 AM
Oil rebounds in Asian trade