Oil rebounds, but Doha meeting remains a cloud on the horizon

Crude-oil prices staged a rebound in early Asia trade Friday after an overnight retreat, but the market will likely remain cautious ahead of the Doha meeting later this month when key producers are set to discuss a production freeze to salvage prices.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK6, +2.09%  traded at $38.07 a barrel, up $0.80, or 2.2%, in the Globex electronic session. June Brent crude LCOM6, +1.62%  on London’s ICE Futures exchange rose $0.66, or 1.7%, to $40.09 a barrel.

Prices slid overnight after investors looked deeper into recent U.S. energy department data which showed a 1.4 million-barrel growth in gasoline stocks last week, snapping six consecutive weeks of declines.

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