SINGAPORE (Commodity Online) : World oil prices recovered in Asian trade Thursday after an overnight slump below $74 a barrel.
The black gold inching towards the $74 a barrel mark in early trade, boosted by US Fed’s decision to maintain low interest rates and also on President Obama’s state of the union address.
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Light sweet crude for March delivery was seen trading at $73.98 a barrel at 11.30 a.m Singapore time while Brent crude was at $72.48 a barrel at the same time.
On Wednesday, March delivery fell $1.04 to settle at $73.67 a barrel on the New York Mercantile Exchange, lowest settlement price since Dec. 14, when crude dipped to $73.46.
In London, Brent crude for March delivery gave up $1.05 to settle at $72.24 a barrel on the ICE Futures exchange.
The US Fed said it intended to end some emergency lending and asset-buying programs and sounded slightly more upbeat on the U.S. economy.
Obama promised Americans that he would revive jobs growth and curb exploding deficits in a speech to Congress that also took a more moderate tone on U.S. banking curbs, and he pledged to double exports within the next five years.
