Oil slips below USD 72 per barrel

Oil recovered slightly on Monday after a massive sell-down last week triggered by weak US jobs data and debt problems in Europe,but analysts said the rebound was unlikely to be sustained.

8220;Key Asian stock markets are lower and the outlook in Europe remains muddled by investor concerns over the ability of Greece,Spain and Portugal to handle their debts,8221; said Victor Shum,an analyst with global energy consultancy Purvin and Gertz in Singapore.

8220;These concerns on top of the ongoing weak demand in the United States will keep pressure on oil prices.8221;

Bargain hunting was not enough to stem the price fall,Shum added.

8220;The question really is,will enough investors view this correction in oil pricing as a buy opportunity? If enough investors see this as a buy opportunity then that would prevent further losses,8221; he said.