LONDON: Oil prices rose yesterday as bargain-hunters moved in following a price plunge last week that has prompted speculation about a possible cut to Opec output, as investors waited for fresh economic data from China, analysts said. Brent North Sea crude for delivery in June gained 38 cents to $100.03 a barrel in late London deals. New York’s main contract, light sweet crude for May, added 32 cents to $88.33 a barrel.
“Crude oil prices started the week on the positive side, following a strong rebound in the global equity markets that spread optimism and increased risk appetite,” said Myrto Sokou, senior research analyst at Sucden brokers. AFP
