Oil slips after rebound, dollar recovers against yen
Oil prices resumed their downward spiral in Asia Thursday after rallying in the previous session on bargain-buying, while the dollar recovered after plunging in New York in reaction to disappointing US retail sales data. "Just so much of the bearish news has been priced in, it's just overdue for a correction," said John Kilduff, founding partner at hedge fund Again Capital. US benchmark West Texas Intermediate for February delivery lost 32 cents to $48.16 and Brent fell 29 cents to $48.40. "Given the return in oil prices and the deep sell-off (Wednesday) in Japanese stocks, the conditions could be there for a rebound," Mitsushige Akino, an executive officer at Ichiyoshi Asset Management Co. in Tokyo, told Bloomberg News.
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