They said the overall trend is bearish and noted that the OPEC cartel decided to hold an extraordinary meeting earlier than expected next Friday - instead of in November - to discuss the global financial crisis and its impact on the oil market.
"To see OPEC panicking like that is,first of all, very bearish,'' said Dave Ernsberger, Asia director of global energy information provider Platts.
"That tells you that something must really be wrong with this market.''
New York's main futures contract, light sweet crude for November delivery, rose $US2.50 to $US72.35 per barrel.
The contract had fallen 4.69 dollars to 69.85 yesterday at the New York Mercantile Exchange, the first time the benchmark contract closed below the 70 dollar level since August 2007.
Brent North Sea crude for December delivery rose 2.14 dollars to 69.94.
The November contract expired at the close of trade yesterday after slumping 4.48 dollars to settle at 66.32 in London.
Oil prices have plunged from record highs above $US147 in July, because of worries over demand in a slowing global economy.
Figures showed a build up in US petroleum reserves, which exceeded market forecasts, and a steep decline in oil consumption in the world's largest energy consumer.
Ernsberger said the sharp falls in crude prices yesterday were almost entirely due to the DoE figures and, in the absence of other factors to push prices higher today, the rebound in Asia was just a technical rise.
"The market looks extremely bearish,'' he said.
The Organisation of the Petroleum Exporting Countries (OPEC) cartel said yesterday its special ministerial meeting on the impact of the financial crisis on oil prices would be brought forward because it was "concerned about the deteriorating economic conditions."
"Bringing forward the meeting to Friday 24th October sends a clear signal that OPEC is concerned about the speed with which oil prices are slipping away from a preferred price of around $US80 dollars a barrel,'' said analyst Lawrence Eagles at JP Morgan.
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