Oil prices rise in Asian trade

Crude prices were higher in Asian trade today on better-than-expected US retail sales and bargain-hunting following recent market slumps, analysts said.

New York's main contract, West Texas Intermediate light sweet crude for delivery in August, gained 30 cents to $95.99 per barrel.

Brent North Sea crude for September delivery rose 17 cents to $116.43 on its first trading day.

Oil prices rebounded from yesterday's slump after the US reported an unexpected 0.1% rise in retail sales last month, said Ben Westmore, energy economist for Melbourne-based National Australia Bank.

Analysts had expected retail sales in the world's largest oil consumer to fall by 0.2%.

"I think the turnaround is difficult to judge, but I'd say it's on the macro data out of the US last night where mostly better-than-expected retail sales is probably the one that's surprised the market a little on the upside," he told AFP.

"That could be one thing that's caused a little bit of a turnaround but also just some buying on weakness," Westmore added.

Oil prices had fallen yesterday as worries over the widening eurozone debt crisis cutting into global energy demand deterred traders.