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Oil rebounds above $90 in Asian trade
Oil rebounded in Asian trade Thursday as investors went bargain hunting after prices fell below $90 a barrel the previous day, analysts said.
New York’s main contract, West Texas Intermediate (WTI) crude for delivery in July was up 49 cents to $90.39 per barrel while Brent North Sea crude for July gained 39 cents to $105.95 in the afternoon.
Prices slumped on Wednesday as the greenback rallied on eurozone debt worries, making dollar-denominated oil more expensive.
WTI crude fell to $89.90 on Wednesday, its lowest level since October, while Brent tumbled $2.85 to $105.56.
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