Crude prices were higher in the Asian trade today on better-than-expected US retail sales and bargain-hunting following recent market slumps, analysts said.
New York’s main contract, West Texas Intermediate light sweet crude for delivery in August, gained 30 cents to $95.99 per barrel. Brent North Sea crude for September delivery rose 17 cents to $116.43 on its first trading day.
Oil prices rebounded from yesterday’s slump after the US reported an unexpected 0.1 per cent rise in retail sales last month, said Mr Ben Westmore, energy economist for Melbourne-based National Australia Bank.
Analysts had expected retail sales in the world’s largest oil consumer to fall by 0.2 per cent.
Oil prices had fallen yesterday as worries over the widening euro zone debt crisis cutting into global energy demand deterred traders.