February 1, 2002	Friday	Ziqa’ad 17, 1422

LONDON, Jan 31: The price of oil turned higher here on Thursday in a technical rebound from losses in the previous session that were caused by concerns of a build up in US crude reserve levels.

A barrel of Brent North Sea crude for March delivery ticked up 21 cents to $19. In New York overnight, the March light sweet crude contract sagged 50 cents to $19.08.

The market was pegged back earlier this week by figures from the US energy department that pointed to a strong surge in crude reserves.

Everyone was expecing a bit of a collapse but it didn’t happen, said Prudential Bache dealer Luca Bertali.

The market has been quite aggressive in trying to keep the Brent and WTI above $19.—AFP