Oil rebounds above 83 USD

10:08, April 21, 2010      

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Oil prices broke a three-day losing streak and rebounded on Tuesday as upbeat earnings reports prompted risk appetite and European flights began to resume.

Light, sweet crude for May delivery gained 2 U.S. dollars to settle at 83.45 dollars a barrel on the New York Mercantile Exchange. Crude futures dropped to as low as 83.65 dollars a barrel during trading.

The concerns brought by Goldman Sachs fraud case began to ease, and with help of strong first season results from companies like Citigroup and IBM, appetite for more risky assets picked up again on Tuesday, sending energy commodities rallying.

Meanwhile, volcano ashes receded in Europe and major airlines started to resume flights, which boosted investors' expectation of jet fuel demand recovery.

In London, Brent crude for June delivery traded 63 cents to 84. 86 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua


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