Oil rebounds in Asia lifted by data points

Oil futures rebounded modestly during Wednesday’s Asian as traders digested some solid U.S. economic data points that went mostly ignored in the oil pits Tuesday.

On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.26% to USD92.88 per barrel in Asian trading Wednesday. Oil settled down 0.58% at USD92.57 a barrel on Tuesday in the U.S.

A day after a report showed Chinese oil imports rose in January, two data points showed U.S. demand could be improving as well. In U.S. the Conference Board said its consumer confidence index rose to 69.6 in February from a downwardly revised 58.4 in January. Economists expected a February reading of 61.Continue Reading ....