AP, SINGAPORE
Oil prices rebounded yesterday in Asia to near US$117 a barrel on concerns a widening conflict between Russia and Georgia over a breakaway province could disrupt supplies in the region.
Light, sweet crude for next month delivery rose US$1.64 to US$116.84 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell US$4.82 on Friday to settle at US$115.20 a barrel.
“The market is watching what happens there closely,” said Mark Pervan, senior commodity strategist at ANZ Bank in Melbourne. “It’s not a major oil producer, but there are major transport links to Europe through that region.”
US President George W. Bush sharply criticized Moscow’s harsh military crackdown in Georgia yesterday, saying the violence is unacceptable and Russia’s response was disproportionate.
On Sunday, Vice President Dick Cheney told Georgian President Mikhail Saakashvili that “Russian aggression must not go unanswered, and that its continuation would have serious consequences for its relations with the United States,” Cheney’s office reported.
In London, Brent crude for delivery next month rose US$1.77 to US$115.10 a barrel.
NYMEX crude is still down about US$30 from its high of US$147.27 on July 11, and many investors see the drop-off in prices as a buying opportunity.
“Losses have been pretty sharp in the last few weeks and there’s always someone looking to buy on the dip,” Pervan said.
Oil rose despite a stronger dollar. The euro fell to US$1.4975 against the dollar in Asian currency trade, while the dollar is holding near ¥110.
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