LONDON, June 7: Oil prices rebounded on Thursday after a decision by China’s central bank to slash its key rate for the first time since 2008 and ahead of remarks by US Federal Reserve chief Ben Bernanke.
In afternoon London deals, Brent North Sea crude for July rose $1.06 cents to $101.70 per barrel.
New York’s main contract, West Texas Intermediate crude for delivery in July jumped 1.16 cents to $86.18 a barrel.
Crude futures had risen Wednesday on the European Central Bank’s signals of support to ailing eurozone banks.
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