By Alex Kennedy on April 5, 2012
SINGAPORE (AP) — Oil prices rose above $102 a barrel Thursday in Asia, rebounding from a two-day sell-off fueled by a jump in U.S. crude supplies and speculation the Federal Reserve won't implement another round of monetary stimulus to boost economic growth.
Benchmark oil for May delivery was up 82 cents to $102.29 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.54 to settle at $101.47 per barrel in New York on Wednesday.