Oil prices rise

Oil prices rebounded early today after finishing lower the previous day.

Rob Laughlin, head of London brokerage GNI Man Financial, attributed the rise to “the lack of quality news” about a reported uprising in Basra.

May contracts of North Sea Brent, Europe’s benchmark crude, rose 59 cents a barrel to $25.40 in early trading in London. Brent dropped $1.28 yesterday to close at $24.81 a barrel.

Contracts of US light, sweet crude for May delivery were 63 cents higher at $28.60 a barrel in electronic, pre-session trading in New York.

US crude ended down 69 cents at $27.97 a barrel yesterday after rallying as high as $29.70 a barrel.