Oil Prices Impacted By Oversupply In Cushing

Tuesday, April 10th 2007, 8:36 am
By: News On 6

SINGAPORE (AP) _ Oil prices bounced back somewhat Tuesday morning a day after an oversupply at a delivery point in Oklahoma was blamed for prices dropping nearly $3 a barrel.

Light, sweet crude for May delivery rose 40 cents to $61.91 per barrel in midafternoon Asian trading on the New York Mercantile Exchange.

The price of crude fell $2.77 Monday following news of an oversupply at the delivery point in Cushing.