Oil climbs on technical bounce
Afp, London
World oil prices shook off recent heavy losses on Monday to rise on technical factors and expectations that strong US economic growth would lead to higher energy usage, analysts said. New York's main contract, light sweet crude for delivery in November, gained 40 cents to 62.24 dollars per barrel in electronic trading. In London, the price of Brent North Sea crude for November delivery added 24 cents to 59.45 dollars per barrel. "Crude futures rose on a technical bounce" after shedding more than eight percent last week in London, Sucden analyst Sam Tilley said. World oil prices had sunk to the lowest points for more than two months last week on evidence that the high cost of energy had curtailed demand in the United States, the world's biggest consumer of energy. A Hong Kong-based investment strategist with CFC Seymour Securities, Dariusz Kowalczyk, said that technically, the oil market was due for a rebound after falling dramatically last week.
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