World oil prices rebounded slightly on Thursday as traders went bargain-hunting, and after the International Energy Agency upgraded its forecast for global demand, analysts said.
New York's main contract, West Texas Intermediate light sweet crude for July delivery, added 39 cents to $95.20 a barrel.
Brent North Sea crude for August won $1.41 to $114.42 a barrel in London morning deals on the contract's first trading day.
Commodity traders were buying up crude after its overnight dip, said Victor Shum, a Singapore-based analyst at Purvin and Gertz international energy consultancy.
'Traders view this as a buying opportunity after oil prices tumbled,' he told the AFP.
Crude futures had plunged dramatically on Wednesday to below $95 a barrel in New York as investors fretted about fresh signs of weakness in the US economy and tensions in Greece which sent the dollar jumping.
But prices won modest support on Thursday after the IEA raised its global oil demand forecast for 2011 by 0.1 million barrels per day (mbd) to 89.3 mbd.
source:NewAge
