LONDON -- Global oil prices rebounded Thursday, reversing earlier losses as dealers set aside an expected return of Libyan supplies and awaited tomorrow's key U.S. non-farm payroll data, analysts said.
New York's West Texas Intermediate (WTI) for delivery in May advanced 43 cents to $100.05 per barrel.
Brent North Sea crude for May climbed $1.03 to stand at $105.82 a barrel in late afternoon deals in London.
"Crude futures have reversed earlier losses, with Brent moving solidly to the upside on strong volume and WTI jogging along," said Addison Armstrong, director of market research at Tradition Energy. "Brent has found strength after falling to its lowest level in five months, and despite reports that the Libyan government and rebels who have blocked oil exports are close to an agreement that would reopen some export facilities."
The oil market had edged lower on Wednesday, with Brent hitting a five-month low as traders also digested poor global economic data that has sparked concerns over the demand outlook.
Prices were hit by weak purchasing managers index (PMI) readings for the manufacturing sectors in China, the eurozone and the United States this week.
"Recent mixed economic data from the U.S., Asia and eurozone have weighed on market sentiment, raising some concerns about a possible slowdown in the oil demand for the short term," said Sucden analyst Myrto Sokou. "Following the recent tepid PMI manufacturing data, the outlook for the global manufacturing sector remains quite gloomy."
Copyright Agence France-Presse, 2014
