Oil recovers as ECB backs Cyprus banks

SINGAPORE: Oil prices bounced in Asia Wednesday after eurozone finance ministers and the European Central Bank (ECB) vowed to support Cyprus as a crucial bailout deal stood on the brink of collapse, analysts said.

New York's main contract, light sweet crude for delivery in April, gained 29 cents to $92.45 a barrel in the afternoon and Brent North Sea crude for May delivery increased 52 cents to $107.97.