Brent crude bounces $4.41 to $113.54 per barrel late afternoon trade, as traders took the liquidation as an opportunity to buy after a fall 13pc in prices last week.
The rebound came as figures published at the United States suggest hedge funds and other traders have been hit by the collapse of last week.
The data published by the Commodity Futures Trading Commission (CFTC) showed that traders had reduced net long positions on contracts, end of oil by 2 set the week to May 3 the value of the positions was just 5 FP7 off the record set in March.
"It's terrifying," Hamza Khan, an analyst with the Schork Pennsylvania group told Bloomberg. "I would hate to be on the wrong side of this trade." The CFTC data show people received a long and see crash quickly should scare some speculators who entered gross. »
While some traders put the rebound until they called bottom-fishing, others said higher export the Germany numbers and positive figures payroll confidence boosted us on the health of the global economic recovery.
JP Morgan predicts that crude Brent would continue amounted to $120. "While financial bushfires or perhaps a rapid resolution to the civil war Jamahiriya could radically alter the dynamics of the market, the balance of risks and principles yet fundamental points to a world of limited supply," said analysts at the Bank.
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