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SINGAPORE (AFP) - Oil prices were higher in Asian trade Wednesday, rebounding from steep falls overnight as traders awaited the release of US energy stockpiles figures, dealers said.

At 11:30 am (0330 GMT) New York's main oil futures contract, light sweet crude for delivery in July was up 12 cents at 63.27 US dollars a barrel after falling 2.05 dollars to finish at 63.15 dollars a barrel.

Brent North Sea crude for July delivery rose 14 cents to 68.27 dollars.

Prices have fallen Tuesday on news that US refineries restarted following disruptions and after an oil sector strike ended in Nigeria, easing the geopolitical tensions, dealers said.

"I think the decline is just not justified...so there's a rebound in Asian morning trade. It reflects an excessive reaction to the news in Nigeria," said Dariusz Kowalczyk, CFC Seymour senior investment strategist in Hong Kong.

Traders are awaiting weekly US government snapshot of oil inventories to be released later Wednesday, particularly the gasoline (petrol) data.

Below-average levels of gasoline have sent crude prices surging ahead of the US summer driving season that began last weekend.

Kowalcyzk said the market consensus is for the report to show a build of one million barrels in crude, a build of 1.4 million barrels in gasoline and an increase of 0.7 million barrels in distillates.

Despite expectations for crude supplies to increase, Kowalcyzk foresees a fall in crude stocks as high demand from refineries may have depleted crude stocks.

"It's the highest (refinery) utilisation in months, so demand for crude have increased. Last week, it was 91.9 percent, the highest since the first week of January," he said.

Several oil companies, such as ConocoPhillips, Citgo and Valero, announced that problems at their refineries in the United States had been resolved.

But analysts said the market remains concerned over the tight gasoline supplies even as the peak demand season starts.

"It is still a concern, gasoline inventories are showing a decline of 5.7 percent year-on-year. It is quite a tight market," Kowalczyk said.

"The question is whether refinery utilisation will grow as much as gasoline demand... Let's see who will run faster," he said.

Traders are also tracking developments in key African crude producer Nigeria, the world's sixth biggest exporter of crude, where civil unrest continues.

Nigerian President Umaru Yar'Adua used his inaugural address to call for an immediate cessation of hostilities in the African country's restive southern oil region.

The new leader assured Nigerians that he would "find a way to achieve peace and justice" in the Delta region, where about 180 foreigners -- mostly oil workers -- have been taken hostage by armed groups in the past 18 months.

On Saturday, Nigerian oil workers called off a two-day strike, helping ease supply concerns.