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Oil prices rebound in Asian trade

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Singapore - Oil bounced back in Asia on Friday on bargain-hunting after tumbling in the previous session over a further surge in US crude reserves, adding to the global supply glut.

US benchmark West Texas Intermediate (WTI) for April delivery rose 54 cents to $48.71 a barrel while Brent crude for April rose 66c to $60.71 in late-morning trade.

WTI sank $2.82 in New York while Brent closed $1.58 lower in London.

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