Oil prices recover in Asian trade

Oil prices recover in Asian trade
Updated at: 1313 PST, Tuesday, March 03, 2009
Oil prices recover in Asian trade SINGAPORE: Oil prices recovered slightly in Asian trade Tuesday after falling earlier on fresh financial turmoil, analysts said.

New York's main futures contract, light sweet crude for April delivery, gained 25 cents to 40.40 dollars a barrel in afternoon trade.

Brent North Sea crude for April was up 17 cents to 42.38 dollars per barrel. Oil prices had risen last week in anticipation of increasing demand for motor fuel and indications of output cuts by the Organisation of the Petroleum Exporting Countries (OPEC), traders said.

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