Monday, April 10 2006 10:55 Hrs (IST) - World Time -

Singapore: Oil prices rebounded in Asian trade today (Apr 10, 2006) and tight US gasoline supplies overshadowed news that Nigeria would recover production lost due to militant attacks, dealers said.

At 0925 IST (11:55 am), New York's main contract, light sweet crude for May delivery rose 23 cents to 67.62 dollars a barrel from its close of 67.39 dollars in the United States on Friday. Prices had eased in US closing deals Friday on profit-taking triggered by expectations that Nigeria, Africa's biggest exporter of crude, might soon recover production lost to militant attacks.

Royal Dutch Shell's exploration chief, Malcolm Brinded, had said that production at the EA offshore field in Nigeria shut down since February because of attacks by separatist rebels could restart soon.

"The situation in Nigeria, Iran and Iraq remain uncertain," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo.

"Fears of supply disruptions from these oil producing nations remain," he said.

Iran is embroiled in a diplomatic standoff with Western powers wanting to rein in its nuclear ambitions, while neighbouring Iraq is bogged down by a vicious insurgency.

Emori said tight gasoline (petrol) supplies in the United States the world's biggest energy guzzler ahead of the summer driving season kicking off in late May is adding pressure on prices to trend higher.

The US Department of Energy (DoE) reported last Wednesday that US stockpiles of gasoline dived by 4.4 million barrels to 211.8 million barrels in the week to March 31.