Oil prices rebounded from a 16-month low to rise above US$67 on Thursday in Asia, Associated Press reported. Light, sweet crude for December delivery rose 71 cents to US$67.46 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Wednesday fell US$5.43 to settle at US$66.75 a barrel, the lowest close for a front-month contract since June 13, 2007. In other Nymex trading, heating oil futures rose 1.44 cents to US$2.05 a gallon, while gasoline prices gained 0.41 cents to US$1.58 a gallon. Natural gas for November delivery fell 3.8 cents to US$6.74 per 1,000 cubic feet. In London, November Brent crude was up 47 cents to US$64.99 a barrel on the ICE Futures exchange.