Oil rebounds in Asia on Spanish bailout talk

SINGAPORE: Crude rose in Asia Friday on rumours that talks were under way to provide fresh help for the struggling Spanish economy, analysts said.

New York's main contract, light sweet crude for delivery in November, gained 61 cents to $93.03 and Brent North Sea crude for November delivery added 48 cents to $110.51.

Trader sentiment was lifted by "rumours that the Spanish might be about to put on the table terms of a bailout", said Jason Hughes, head of premium client management for IG Markets in Singapore.

"We're finally getting to the point in time where it looks like they're going to finally come up with a proposal for actually receiving a bailout of some sort," he told.

A Financial Times report on Friday said EU authorities were working behind the scenes to prepare the ground for a new rescue programme and unlimited bond buying by the European Central Bank for debt-hit Spain, which would be unveiled next week.