Oil prices rebound
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AAP
February 06 2013, 04:38AM
Markets energy
LONDON, Feb 5 AFP - Oil prices have rebounded in line with recovering stock markets after a poor start to the week.
Brent North Sea crude for delivery in March jumped $1.30 to $116.90 a barrel in late London trading.
New York's main contract, light sweet crude for March advanced 68 cents to $US96.85 ($A93.32) a barrel.
"Crude oil prices rebounded on Tuesday and corrected higher partially supported by the softer US dollar and gains across the global equity markets," said Sucden brokers analyst Myrto Sokou.
A weaker US unit makes dollar-denominated crude cheaper for holders of rival currencies, pushing up demand.
Oil prices had fallen on Monday on renewed political uncertainty in Italy and Spain and as investors booked profits after weeks of gains, analysts said.
Crude futures had surged on Friday following encouraging US jobs data, with Brent reaching a near five-month high at $117.07 a barrel.
