SINGAPORE (Commodity Online) : World oil prices remained near $82 a barrel in Asian trade Wednesday after rebounding from heavy losses overnight.

Light sweet crude for April delivery was seen trading at $81.84 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 80.64 a barrel at the same time.

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Analysts attributed oil’s upward trends to drop in dollar and speculations that OPEC would refrain from raising production. A declining dollar bolsters the investment appeal of commodities.

The dollar was little changed against the 16-nation euro after falling 0.7 percent yesterday to $1.3766 in New York.

Oil also rose on the back of US Fed’s decision to kept interest rates on hold. The Federal Reserve on Tuesday maintained record low interest rates in the hope of stimulating a still fragile US economic recovery, dogged by high unemployment and tight credit.

On Tuesday, April delivery rallied above $82 per barrel, before ending the day at $81.70, up $1.90 from Monday's closing level while London's Brent North Sea crude for April delivery was up $1.13 to close at $79.02.

Oil also won ground amid concerns about US energy demand and possible Chinese moves to cool its booming economy.

US Energy Department is scheduled to release its Weekly Petroleum Status Report later Wednesday.

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