SINGAPORE: Oil prices rose 61 cents to 87.6 dollars a barrel after plunging over continued fears that U-S led global economic slowdown could decrease world’s energy demand.
Oil prices have shed about 12 percent since the start of this year when prices were beyond the 100-dollar mark.
Market players are awaiting the release of a U-S energy report, which is expected to show a gain of 1.8 million barrels in oil inventories.
Analysts say that the U-S fiscal stimulus package and interest rate cut will help spur consumer demand and oil prices will be seen on the rise again.
