Singapore, May 12 (AFP) Oil prices rebounded in Asian trade today after plunging overnight on faltering demand in the United States and China, analysts said.
New York's main contract, light sweet crude for delivery in June, rose 99 cents to USD 99.20 a barrel in morning trade, while Brent North Sea crude for June delivery gained USD 1.23 to USD 113.80.
"We're looking at a rebound after the huge sell-off," said Ong Yi Ling, an investment analyst for Phillip Futures in Singapore.
Prices dived Wednesday amid signs of slowing demand in the United States and China and a rise in the dollar.
New York crude had tumbled 5.5 per cent, or USD 5.67, to settle at USD 98.21 a barrel yesterday, and Brent declined USD 5.06 to close at USD 112.57 a barrel.