Oil prices rebound after sharp drop

Global oil prices rebounded Monday after last week's sharp fall on poor US jobs data. New York's main contract, West Texas Intermediate (WTI) light sweet crude for May delivery, added 66 cents to $93.36 per barrel. In London, Brent North Sea crude for May gained 54 cents to $104.66 per barrel. Crude futures had fallen sharply over Wednesday-Friday last week, losing more than $4 a barrel hit by poor US jobs numbers that slightly dimmed the picture for growth in the world's largest economy. Timothy Evans of Citi Futures said strong supplies in the United States were putting downward pressure on the price. That could continue this week as the US Department of Energy, OPEC and the International Energy Agency are all slated to put out updated estimates of global demand. "We see some risk of downward revisions to the demand outlook," Evans said.