Oil rose in Asian trade Monday as investors returned to the market after a massive selloff triggered by weak US jobs data and debt woes in the eurozone, analysts said.

New York's main futures contract, light sweet crude for delivery in March, climbed 16 cents to 71.35 dollars a barrel.

London's Brent North Sea crude for March was up 25 cents to 69.84 dollars per barrel.

"What we're seeing is a technical rebound. Investors are taking the opportunity to buy into the market after the massive selloff last week," said Serene Lim, a Singapore-based oil analyst with the ANZ bank.