Oil prices rise in Asia on bargain-buying after plunge

TIL Desk/Business/Singapore-Oil prices rebounded in Asia today after tanking nearly five per cent the day before on fresh worries about an oversupply, while traders await the release of key US jobs data.

The commodity plunged yesterday in response to official figures showing US commercial inventories fell less than expected last week, indicating softer demand in the world’s top oil consumer as the country’s crucial driving season kicks in.

The data added to an already downbeat mood on markets as investors worry about the longer-term fallout from Britain’s vote to leave the European Union.