Light, sweet crude for April delivery rose to US$59.25 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore, after dipping to US$58.91 a barrel on Monday. This rise has been triggered by the sentiment that an overnight drop of nearly 2% was overdone in wake of a continued strong energy demand outlook, uncertainty over Iran, decline in U.S. gasoline inventories, a few months ahead of the summer driving season when demand peaks and warmer weather in the US.
It is widely believed that the Organization of Petroleum Exporting Countries will keep production quotas stable at its meeting later this week. OPEC, which reduced oil output late last year and again in February, meets Thursday in Vienna, Austria. OPEC President has expressed that global oil demand this year appears robust and expressed satisfaction with member compliance to previously decided production cuts.
13-Mar-07 
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