SINGAPORE (Commodity Online) : Global oil prices recovered in Asian trade Tuesday after an overnight slump below $70 a barrel.
Light sweet crude for June delivery was seen trading at $70.71 a barrel at 12.00 noon Singapore time while Brent crude was at $ 75.80 a barrel in London.
Analysts said the black gold gained momentum as some investors took the view a drop below $70 a barrel made the commodity attractive to buy.
Markets are also awaiting U.S. Energy Department report Wednesday that is forecast to show that refinery operating rates increased and gasoline inventories dropped as summer driving season approaches.
Ahead of Energy report and weekly inventory data from industry group American Petroleum Institute (API), crude inventories rose 700,000 barrels on average last week.
The euro dipped on Tuesday after a rebound from a four-year trough on Monday. The single currency fell toward its lowest since April 2006 on speculation the European debt crisis will undermine the 16-nation region's economic recovery.
On Monday, futures fell 2.1 percent on concern Europe's sovereign-debt crisis may derail the global economic recovery and reduce consumption.
Light sweet crude for delivery in June, fell $1.88 to $69.73 per barrel, after earlier hitting $69.27, the lowest level since October 5, 2009. Brent crude for July dived $2.56 to close at $75.37 a barrel.