Global oil prices rebounded above $88 a barrel in Asian trade Monday mainly on speculation that energy demand may climb as cold wave hits Europe and US Midwest.
Light sweet crude for January delivery was seen trading at $88.10 a barrel at 12.00 noon siangapore time while Brent crude was at $90.81 a barrel in London.
Analysts also attributed oil s recovery to OPEC s decision to keep oil output and IEA d lifting of 2011 demand growth forecast.
The International Energy Agency lifted its 2011 oil demand growth forecast by 130,000 bpd to 1.32 million bpd from its previous monthly report.
The cold snap in Europe and US Midwest will mean extra demand for heating, helping to support energy prices.
Europe is expected to have colder than normal temperatures with energy demand above normal while a strong blizzard has dumped large amounts of snow in the U.S. Midwest.
On Friday, benchmark oil for January delivery lost 58 cents to settle at $87.79 a barrel on the New York Mercantile Exchange while Brent crude fell 51 cents to settle at $90.48 a barrel on the ICE Futures exchange.
Light sweet crude for January delivery was seen trading at $88.10 a barrel at 12.00 noon siangapore time while Brent crude was at $90.81 a barrel in London.
Analysts also attributed oil s recovery to OPEC s decision to keep oil output and IEA d lifting of 2011 demand growth forecast.
The International Energy Agency lifted its 2011 oil demand growth forecast by 130,000 bpd to 1.32 million bpd from its previous monthly report.
The cold snap in Europe and US Midwest will mean extra demand for heating, helping to support energy prices.
Europe is expected to have colder than normal temperatures with energy demand above normal while a strong blizzard has dumped large amounts of snow in the U.S. Midwest.
On Friday, benchmark oil for January delivery lost 58 cents to settle at $87.79 a barrel on the New York Mercantile Exchange while Brent crude fell 51 cents to settle at $90.48 a barrel on the ICE Futures exchange.
