SINGAPORE- Oil prices rebounded in Asian trade Friday but gains were capped by weak economic data from Europe and oversupply in the United States.
New York’s main contract, West Texas Intermediate for June delivery, was up 50 cents at $102.00 a barrel in mid-morning trade, while Brent North Sea crude for July gained 33 cents to $109.42.
Gross domestic product across the 18-nation eurozone grew just 0.2 percent in the three months to March, the Eurostat data agency said, much lower than expectations for 0.4 percent.
“Eurozone GDP was weaker than expected, Germany is fine but the rest of Europe is struggling,” Shailaja Nair, senior managing editor at energy market information provider Platts, told AFP.
In the US, data showed an oversupply of crude stocks, putting downward pressure on prices. The Department of Energy said stockpiles rose 900,000 barrels in the week ending May 9.