Oil rebounds, rises above $93

Oil climbed above $93 a barrel Friday in Asia, making a muted rebound from big losses in the past week as indicators point to a weak global economy.

Benchmark crude was up 94 cents at $93.36 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. Before today's rise, oil had fallen 7 percent since last Friday, when the price briefly topped $100 per barrel for the first time in 4 months. The sharp drop was expected and overdue, many analysts say.