Oil prices up in Asia on bargain-hunting
Singapore - Oil prices rebounded in Asia on Wednesday as traders pounced after sharp falls the previous day on forecasts of surging production in the United States, analysts said. New York's main contract, West Texas Intermediate (WTI) for December delivery, was up 16 cents at $93.20 a barrel in mid-morning trade, while Brent North Sea crude for December gained 19c to $106.00. WTI tumbled $2.10 in New York and Brent eased 59c after the International Energy Agency forecast the United States would become the world's top oil producer by 2015 thanks to booming shale oil output. In its annual World Energy Outlook report released Tuesday, the EIA also said the US, currently the world's top crude consumer, is moving "steadily towards meeting all of its energy needs from domestic resources by 2035". David Lennox, resource analyst at Fat Prophets in Sydney, told AFP that dealers "reacted strongly" to the prospect of flush US supplies, causing the decline in W...