Oil rebounded in Asian trade Friday on geopolitical concerns after crude producer Iran rejected a US offer on nuclear talks, and on healthy trade data from China.
New York’s main contract, light sweet crude for delivery in March increased 23 cents to $96.06 a barrel and Brent North Sea crude for March delivery gained 28 cents to $117.52.
Prices were down in overnight US trades.
“Brent is trading a little stronger on developments in Iran,” said Jason Hughes, head of premium client management at IG Markets Singapore.
Iran’s supreme leader Ayatollah Ali Khamenei on Thursday rejected a US offer to negotiate one-on-one on Tehran’s nuclear ambitions, ruling out such contacts so long as Washington keeps up its threats against the Islamic republic.
Western powers believe Iran is trying to build an atomic weapon, but Tehran says its nuclear research is for peaceful purposes.
Other analysts said investors were also taking heart from robust trade figures from China, the world’s second biggest economy and largest energy consumer.