World oil prices climbed on Tuesday as traders snapped up cheap crude after European and US debt strains had pulled prices down on Monday, analysts said.
New York's main contract, light sweet crude for delivery in August, firmed 84 cents to $96.77 a barrel.
Brent North Sea
crude for September delivery added 79
cents to $116.84 a barrel in London morning deals.
'I think today is just pretty much a relief rally on the back of heavily sold oil prices yesterday,' said Serene Lim, an oil and gas analyst for ANZ bank.
Prices had slumped on Monday — with New York crude falling 1.35 per cent — as traders fretted over the US impasse and European sovereign debt as officials try to agree a second bailout for Greece.
Source : New Age
