AFP, Singapore :
Oil prices edged up in Asia Friday after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices.
US benchmark West Texas Intermediate (WTI) for January delivery rose 73 cents to $54.84, while Brent crude for February gained 32 cents to $59.59 in afternoon trade.
WTI dived Thursday $2.36 to its lowest since May 2009, while Brent tumbled $1.91.
“Until the issue of low global demand and oversupply is resolved, we will continue to see this type of market volatility as investors test the waters,” Daniel Ang, investment analyst at Phillip Futures, told AFP.
“There are two camps in the market at the moment. Some who believe prices can fall further, and others who are betting that it should be above $60,” Ang added.
Crude prices have plunged roughly 50 percent since June owing to plentiful supplies, a stronger dollar and weak demand as the global economy struggles, analysts say.
