Singapore - Oil prices rose on bargain-hunting in Asia on Thursday after a slump in New York triggered by a rise in US inventories and rumours Saudi Arabia was due to increase supplies, analysts said.
New York's main contract, light sweet crude for delivery in October added two cents to $92.00 a barrel and Brent North Sea crude for November delivery gained 43 cents to $108.62.
Traders were capitalising on cheaper crude after prices plunged more than $3 on Wednesday, said market strategist for IG Markets Singapore Justin Harper.
"It's obviously taken quite a battering over the last few days and people are seeing it as a good point to get back into the market," he said.
Crude markets fell in the United States after the Financial Times reported that Saudi Arabia, the world's biggest oil exporter, had been offering customers extra supplies.
Saudi oil minister Ali al-Naimi said earlier this month that prices were too high, fearing that expensive energy would undermine attempts to boost global economic growth.
Prices had also been hit in US trade Wednesday after the government's weekly petroleum supplies report showed an unexpected jump in inventories.
Stockpiles in the world's largest oil consumer increased 8.5 million barrels last week, "above the upper limit of the average range for this time of year", the US Energy Information Administration said in its weekly report.
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