World oil prices rebounded in Asian trade on Thursday after sharp falls on a bigger-than-expected rise in US crude reserves and the BSE Sensex gained 524 points and regained the 13,000 level in early trade on fresh buying by funds as well as investors, tracking the global markets.
New York’s main futures contract, light sweet crude for August delivery, had dropped more than 10.50 dollars over two days.
The benchmark contract today rose 23 cents to 134.83 dollars a barrel after closing on Wednesday at 134.60.
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