Brent crude jumps to $98 on bargain-hunting


11/07/2012 07:39 AST  The Hindu Business Line
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Crude prices were up in Asia today as bargain-hunting traders returned to the market following an overnight price slump sparked by the end of a Norwegian oil workers’ strike, analysts said.

New York’s main contract, light sweet crude for August delivery, gained 28 cents to $84.19 a barrel and Brent North Sea crude for delivery in August rose 28 cents to $98.25.

Crude markets, which had been “oversold” in late New York trade Tuesday, were returning to a “more stable level”, Mr Justin Harper, market strategist for IG Markets Singapore, said.

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