Oil prices rebounded Monday in Asia to near US$117 a barrel, the Associated Press reported. Light, sweet crude for September delivery rose US$1.64 to US$116.84 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell US$4.82 on Friday to settle at US$115.20 a barrel. In London, Brent crude for September delivery rose US$1.77 to US$115.10 a barrel. Nymex crude is still down about US$30 from its high of $147.27 on July 11. Oil rose despite a stronger dollar. The euro fell to US$1.4975 against the dollar in Asian currency trade, while the dollar is holding near 110 yen. In other Nymex trading, heating oil futures rose 3.83 cents to US$3.1663 a gallon (3.8 liters) while gasoline prices gained 4.06 cents to US$2.928 a gallon. Natural gas futures rose 16.2 cents to US$8.41 per 1,000 cubic feet.
