Oil rebounds in Asia but Italy deadlock weighs
New York's main contract, light sweet crude for delivery in April climbed 19 cents to USD 92.81 a barrel while Brent North Sea crude for April delivery gained 18 cents to USD 112.89. Both contracts fell in overnight trade.
'The prospect for a hung parliament in Italy and concern that the country may need new elections continue to roil the markets,' said Phillip Futures in a market commentary.
'The vote result has stoked fears that the country's politicians would be unable to form a government strong enough to continue the effective reforms.'
Results of Sunday's vote point to a centre-left majority in the lower house, but no clear majority in the Senate, which could result in political instability.
Italy, the third biggest economy in the euro-zone after Germany and France and a founding member of the euro, is struggling with rising unemployment and massive debts.
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