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Battered
crude oil prices bounced back from their lows on Thursday, propelling solid
gains in Asian shares and the dollar.
Thursday's gains built on Wall Street's consolidation
overnight in which major indexes finished with declines of more than 1 percent,
but well off the 3 percent plus they plumbed in the previous session when U.S.
crude had dropped to 2003 lows.
New front-month U.S. March oil futures fell nearly 4
percent on the day to close at $28.35 a barrel, but they were up 1.2 percent in
Asian trade at $28.70, a far cry from the expiring contract on U.S. crude for
February delivery, which slid 6.7 percent to settle at $26.55.
Brent
crude rose 1.4 percent to $28.27 in Asian trade. [O/R]
MSCI's broadest index of Asia-Pacific shares outside
Japan extended early gains and was up 1.4 percent while Japan's Nikkei average
added 1.5 percent, clawing back some of the 3.7 percent it plunged in the
previous session to a 14-1/2 month closing low.
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