Oil prices tumble in Asian trade

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Asia Trade Tower
Singapore, Aug 17: After five continuous days of losses, Oil prices rebounded in Asian trade on Tuesday, Aug 17.

A sharp slowdown in second quarter growth in the world's third biggest energy-consuming nation, Japan affected market sentiment already spooked by weak economic data from the United States.

New York's main contract, light sweet crude for Sep 2010 delivery, was up 12 percents to $75.36 a barrel in morning Asian trade.

Oil prices began tumbling on Tuesday, Aug 17 after the US Federal Reserve said US economic recovery in the near term was likely to be more modest than anticipated.

Japan's GDP grew by an annualized 0.4 percent in the three months to Jun 2010, down from a revised 4.4 percent in the previous three months, sources said.

The GDP figure dashed market expectations for 2.3 percent growth.

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