Friday, February 26, 2010
Oil rebounds in Asia
1:36 PM | 
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SINGAPORE: Oil was above 78 dollars a barrel in Asian trade Friday, bouncing from steep falls on the back of a weaker US dollar.New York's main futures contract, light sweet crude for April delivery, was up 41 cents to 78.58 dollars a barrel, after falling 1.83 dollars in US trade Thursday.
London's Brent North Sea crude for April delivery was up 38 cents to 76.67 dollars a barrel after shedding 1.80 dollars. Oil is traded in dollars and a weaker US unit makes the commodity cheaper to holders of other currencies, stimulating demand and pushing prices higher.
In Asian trade Friday, the dollar was under pressure after higher US jobless benefit claims clouded the outlook for the world's largest economy.
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