LONDON, May 19: World oil prices rebounded on Thursday on concern over strike action at refineries belonging to French energy giant Total in France, analysts said. Prices rallied after hitting fresh three-month low points on official data showing US crude stocks at the highest level for six years.
New York’s main contract, light sweet crude for delivery in June, rose 35 cent to $47.60 per barrel at about 1600 GMT. It had struck $46.88 during Asian trading, the lowest intra-day point since February 14.
In London, the price of Brent North Sea crude oil for delivery in July gained 10 cents to $48.25 per barrel after earlier dropping to $47.80. “People are saying there could be some problems at some Total refineries in France due to the strike action,” GNI-Man Financial trader Kevin Blemkin said.
“We were anticipating a rally after the sharp sell-off that followed US stocks data.”—AFP
