10 May 2011Crude oil prices bounced back sharply on Monday after last week's huge drop, but analysts were hesitant to declare the correction finished.
New York's main contract, WTI light sweet crude for June, gained .37 to 2.55 a barrel.
Brent North Sea crude for delivery in June jumped .77 to 5.90 a barrel in trade in London.
Victor Shum, a Singapore-based analyst from Purvin & Gertz international energy consultancy, said prices were “primarily reacting to the very sharp loss late last week, which was too much and too fast”.
Prices were also recovering in the wake of positive employment data from the United States, the world's biggest oil consumer, traders said.
http://www.iol.co.za/business/markets/commodities/oil-prices-rebound-1.1066635
