After last week's plunge, when the market sank to its lowest levels since mid-2005, oil prices rebounded in Asian trading hours. New York Mercantile Exchange's main contract, light sweet crude for delivery in February, rose marginally to US$56.59 a barrel from US$56.31. Brent North Sea crude for February rose 29 cents to settle at US$55.93.
Last weeks' plunge can be attributed to a market over-reaction to the unusually warm winter in the northern hemisphere. However, the possibility of lower temperatures towards the end of this month has boost demand for heating fuel.
08-Jan-07 
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