AFP, Singapore :
Oil prices rose in Asia on Monday, extending a sharp rebound at the end of last week, with analysts predicting the sector has bottomed out after plunging almost 50 percent since June.
US benchmark West Texas Intermediate (WTI) for February delivery rose 58 cents to $57.71 while Brent crude for February gained 79 cents to $62.17 in late-morning trade.
“We do not expect WTI and Brent to test new lows this week,” said Daniel Ang, investment analyst at Phillip Futures in Singapore.
“Rather, we believe it would just trend within the same trading range as speculators continue on short-covering,” he added.
The gains extended a rebound on Friday, wiping out losses earlier last week that saw prices hit fresh five-year lows.
Oil prices rose in Asia on Monday, extending a sharp rebound at the end of last week, with analysts predicting the sector has bottomed out after plunging almost 50 percent since June.
US benchmark West Texas Intermediate (WTI) for February delivery rose 58 cents to $57.71 while Brent crude for February gained 79 cents to $62.17 in late-morning trade.
“We do not expect WTI and Brent to test new lows this week,” said Daniel Ang, investment analyst at Phillip Futures in Singapore.
“Rather, we believe it would just trend within the same trading range as speculators continue on short-covering,” he added.
The gains extended a rebound on Friday, wiping out losses earlier last week that saw prices hit fresh five-year lows.
