VIENNA, Austria (AP) - Oil prices rebounded above $91 a barrel today, a day after plunging to an 8-month low on concerns a significant slowdown in global economic growth will undermine demand for crude.
With the world financial crisis far from over, however, analysts said a recovery in oil prices was unlikely to be strong or sustained.
Light, sweet crude for November delivery was up $3.95 to $91.26 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. The contract fell $6.07 to settle at $87.81 on Monday, the lowest level since February 6tj.
Prices are now down about 38% since reaching a record at $147.27 on July 11th.