World oil prices turn higher

Crude prices turned higher in Asian trade Thursday on bargain-hunting following recent sharp falls due to worries about the state of the US and European economies, analysts said. New York’s main contract, light sweet crude for delivery in September, was up 46 cents to $83.35 per barrel in afternoon trade. Brent North Sea crude for September delivery advanced 53 cents to $107.21. Oil prices had tumbled in morning trade following a steep decline in global markets, prompting investors looking for cheaper prices to get into the fray. But analysts said the overall trend remained subdued because of the gloomy outlook for the world economy. ‘I think markets are being weighed down by global equities markets... market sentiment is still uncertain as to what’s going to happen in Europe and the US,’ said Ker Chung Yang, commodity analyst for Phillip Futures in Singapore. US stocks plummeted over four per cent Wednesday, more than wiping out a rebound as European debt troubles and worries of a new US recession kept investors nervous. The Dow Jones Industrial Average closed down 519.83 points (4.62 per cent) at 10,719.94, reversing its 430-point gain on Tuesday, and the broader S&P 500 fell 51.77 points (4.42 per cent) to 1,120.76. The tech-heavy Nasdaq lost 4.09 per cent, or 101.47 points, to 2,381.05. Asian stock markets mostly fell on Thursday but were off their earlier lows in the afternoon as traders went bargain-hunting.
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