Oil prices up in Asia on bargain-hunting

SINGAPORE: Oil prices rebounded in Asia Wednesday as traders pounced after sharp falls the previous day on forecasts of surging production in the United States, analysts said.

New York's main contract, West Texas Intermediate (WTI) for December
delivery, was up 16 cents at $93.20 a barrel in mid-morning trade, while Brent North Sea crude for December gained 19 cents to $106.00.

WTI tumbled $2.10 in New York and Brent eased 59 cents after the
International Energy Agency forecast the United States would become the world's top oil producer by 2015 thanks to booming shale oil output.