Oil prices rebound in Asian trade

Oil prices found support Friday in Asia in worries that supply can't keep up with growing global demand, after tumbling around US$4 overnight from a record above US$135 a barrel.

The July contract for light, sweet crude on the New York Mercantile Exchange rose to a record US$135.09 a barrel in electronic trade on Thursday, but then fell back sharply to settle at US$130.81 in the later floor session as the dollar strengthened and gave some investors reason to sell oil futures to lock in profits.

Midday Friday in Singapore, oil was up 35 cents at US$131.16 a barrel in electronic trading.