Crude was higher in the Asian trade today, clawing back some of the ground it lost in sharp sell-off last week.
New York’s main contract, light sweet crude for delivery in June, rose $1.18 to $98.36 a barrel. Brent North Sea crude for June delivery gained 52 cents to $109.65.
“Oil prices are heading up this morning primarily reacting to the very sharp loss late last week, which was too much and too fast,” said Mr Victor Shum, a Singapore-based analyst from Purvin and Gertz international energy consultancy.
“We therefore see some buying (as traders) considering the pricing level to be a buying opportunity,” he added.
Positive employment data from the world’s biggest oil consumer also provided a boost to oil prices.
The US Labour Department’s stronger-than-expected non-farm job creation data released last Friday hinted at a growing US economy, although the overall unemployment rate also rose to nine per cent.
Meanwhile, Qatar’s Energy Minister Mohammed Saleh al-Sada told reporters on Sunday that an upcoming OPEC meeting could not be expected to make any major change, insisting that oil production and supplies were at healthy levels.