World oil prices recovered in Asian trade Monday

World oil prices recovered in Asian trade Monday, from losses previous week, as temporary ‘ceasefire’ in Egypt failed.

Light sweet crude for March delivery was seen trading at $89.14 a barrel at 12.00 noon Singapore time while Brent crude was at $100.21 a barrel in London.

In other Nymex trading in February contracts, heating oil rose 0.9 cent to $2.73 a gallon and gasoline gained 1.5 cents to $2.45 a gallon. Natural gas futures for March delivery were down 6.8 cents at $4.24 per 1,000 cubic feet.

In Egypt, Opposition groups held talks with the government on Sunday to resolve political crisis but said their core demand for the removal of the president was not met.

Although Egypt is not a major oil producer, it controls the Suez Canal and the Suez-Mediterranean oil pipeline, which together moved over 2 million bpd of crude and oil products in 2009.

Oil was also US Energy Department last week said country’s gasoline stockpiles rose to the highest in almost 18 years as demand decreased.

On Friday, New York’s main futures contract, light sweet crude for March, gained 46 cents to $91.00 per barrel while Brent North Sea crude for delivery in March rose 43 cents to $102.67 per barrel in London trade.

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