Oil bounces back after huge slide

Oil rose above $115 a barrel yesterday as some investors saw buying opportunities after prices posted the biggest one-day slide in percentage terms since 2004 in the previous session.

Analysts said tensions between the West and Russia over Georgia would lend prices support. Moscow's military intervention in Georgia has disrupted some shipments of Azeri oil through Georgia.

"Following the big move we had on Friday, you can have a move of a dollar or so as traders adjust positions," said Olivier Jakob, oil analyst at Petromatrix.