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World oil prices rise

Oil rebound from 17-month lows, as financial crisis continues to bring the price down.

LONDON (AFP) – World oil prices rose on Tuesday, with Brent crude rebounding strongly from a 17-month low point that had been caused by Spanish debt concerns.

New York’s main contract, light sweet crude for delivery in July, climbed 83 cents to $84.10 a barrel.

Brent North Sea crude for August stood at $96.40 in London afternoon deals — up 35 cents compared with Monday’s close. The contract had hit $94.44 earlier on Tuesday, which was the lowest point since January 10, 2011. But prices rallied later on hopes of fresh stimulus by the US Federal Reserve, traders said.

“Euro area challenges continue to pressurise oil prices and we expect these to persist in the short term,” said Barclays Capital analyst Amrita Sen. Spain on Tuesday succeeded in raising 3.04 billion euros ($3.8 billion) in a short-term debt sale but its borrowing costs soared as the eurozone debt storm battered Madrid.

Spain’s government won agreement on June 9 for its eurozone partners to extend a rescue loan of up to 100 billion euros to salvage its crisis-hit banks but some analysts believe the country could need three times that amount. The eurozone debt crisis, along with weaker growth in China, is meanwhile weighing on world crude demand

Topics: oil prices

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