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Singapore (AFP) March 16, 2011 World oil prices rose in Asian trade Wednesday after regional equities rebounded on bargain-hunting following the previous day's massive sell-off. New York's main contract, light sweet crude for delivery in April, rose 86 cents to $98.04 per barrel while Brent North Sea crude for April gained 11 cents to $108.63. "The rise in equity prices and commodities (in the Asian markets) contributed to better economic sentiments," said Ong Yi Ling, investment analyst for Phillip Futures in Singapore. Tokyo shares were up 4.37 percent Wednesday on bargain hunting following the biggest two-day sell-off on the Nikkei index in 24 years on fears a nuclear meltdown after a huge earthquake and tsunami. Oil prices had been tumbling after Friday's magnitude 9.0 quake and tsunami due to concerns it could hit energy demand in Japan, the world's third largest economy and also its third largest oil-consuming nation. The threat of a nuclear meltdown from a damaged atomic power plant added to the concerns. Other Asian markets such as Singapore's Straits Times Index and Hong Kong's Hang Seng index registered gains in early trade as well. Traders are watching Japan's efforts to prevent a nuclear catastrophe as four explosions and two fires wracked the Fukushima nuclear plant and raised radiation levels around the area as well as in capital city Tokyo.
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