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Oil rises on bargain hunting

Oct 23 2012 07:40 AFP

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Singapore - Crude rebounded in Asia on Tuesday as traders returned to the market after prices plunged on oil demand fears, analysts said.

New York's main contract, light sweet crude for delivery in December, added 29 cents to $88.94 and Brent North Sea crude for December delivery gained 29 cents to $109.73.

Crude markets were recovering after taking "a battering from weak US corporate earnings and weaker sentiment about the global economic recovery," said Justin Harper, market strategist for IG Markets Singapore.

"I think we are seeing bargain hunters come back into the market after a sharp sell-off," he said.

Caterpillar, the world's biggest maker of construction and mining equipment, cut its sales outlook, weighing down Wall Street and crude markets late on Monday.

Considered a bellwether of the global economy, Caterpillar cut its profit and sales forecast for full-year 2012, suggesting a sharp slowdown in the fourth quarter.

Traders were also looking anxiously at Europe after Germany's central bank warned the German economy will see a sharp slowdown in growth or may even contract at the end of the year as the eurozone crisis bites.

commodities  |  markets  |  oil

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