Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 558 Wed. December 21, 2005  
   
Business


Oil prices rebound


World oil prices rose on Tuesday, but the upturn may only be technical, given forecasts of warmer weather in major energy consumer the United States, analysts said.

New York's main contract, light sweet crude for delivery in January, added 34 cents to 57.68 dollars per barrel in electronic trading. The contract expires later Tuesday.

In London, the price of Brent North Sea crude for February delivery won 32 cents to 56.43 dollars per barrel.

Monday's trading "saw the fourth consecutive day of decline in prices", noted Dariusz Kowalczyk, senior investment strategist with CFC Seymour in Hong Kong.

He added that "when the market failed to go below 57 dollars (in New York), we saw some rebound, which is continuing today (Tuesday)".