Oil prices rebound

Published September 22, 2006

LONDON, Sept 21: World oil prices clawed back some ground on Thursday after New York crude had tumbled to a six-month low under $60 per barrel on news of surging US stockpiles of heating fuel, dealers said.

New York's main contract, light sweet crude for delivery in November, gained 31 cents to $61.05 per barrel in pit trading.

The October contract had hit $59.80 before its expiry at Wednesday's close. The fall under $60 marked a 24 per cent drop since New York crude hit a record high $78.40 last July.

In London, Brent North Sea crude for November delivery jumped 60 cents to $61.07 per barrel in electronic trading, after falling as low as $60.31 on

Wednesday — a level last hit on March 9.—AFP