Oil prices rose in Asian trade Monday, April 22 as bargain-hunters moved in following a price plunge last week as investors waited for fresh economic data from China, analysts said, according to AFP.
New York's main contract, light sweet crude for delivery in May, added 50 cents to $88.51 a barrel in the afternoon and Brent North Sea crude for June delivery gained 44 cents to $100.09.
"We're seeing a bit of bargain hunting that is keeping prices up," Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.
"Dealers are waiting for flash PMI (purchasing managers index) figures from China" due on Tuesday.
Prices dropped last week on weak Chinese economic data, with Brent falling to a nine-month low before recovering on market speculation that the Organization of the Petroleum Exporting Countries (OPEC) plans to cut output.
China's economic growth slowed to 7.7 percent in the first quarter, a surprise result that came in below expectations and raised concerns that the nation's recovery is faltering.
China is the world's biggest energy-consuming nation and the health of its economy is closely watched by the oil markets.
