Oil prices rebound

Oil prices rebounded slightly on Monday following sharp losses before the weekend that had been caused by weak demand concerns following OPEC's decision to maintain its crude output ceiling. Brent North Sea crude for delivery in July rose 48 cents to $100.87 a barrel in London midday deals. New York's main contract, West Texas Intermediate (WTI) light sweet crude for July, climbed 34 cents to $92.31 a barrel. The Organization of Petroleum Exporting Countries (OPEC), which pumps about 35 percent of global oil supplies, on Friday said it would leave the output ceiling at 30 million barrels per day (mbpd), where it has stood since late 2011, despite actual production exceeding the target. The cartel, comprising nations from Africa, Latin America and the Middle East, is aware that cutting production could raise oil prices and boost their incomes -- but that this could also hurt the fragile global recovery. The outlook for global economic growth, and demand for oil, has been clouded by the combined impact of Chinese inflationary pressures, the long-running eurozone sovereign debt crisis and uncertainty over policy for the US economy, OPEC said.