Oil prices came back from early lows in a slight correction from falls sparked by expectations that the global rate of demand for energy may drop pace. Despite the rebound however, many believe oil prices may edge lower in the coming days. At 14.13 pm, October-dated Brent futures contracts were up 38 cents at 62.18 usd a barrel. Meanwhile, US benchmark October-dated contracts were up 41 cents at 63.75 usd. Sucden analyst Sam Tilley said the rise was just "a little bounce" and that the overall the view that global demand is falling in response to the sky-high prices brought about by the ravages of Hurricane Katrina still stands. Prices have been easing recently on expectations of slowing demand after the International Energy Agency said Friday demand strains on the world oil market may be abating. "Overall, we are more worried about demand being affected by the high price of oil, we believe it (demand) will slow in the medium term. This current rise is just a bounce," Tilley said. He added that the devastation wrought by Hurricane Katrina, which ravaged the Gulf of Mexico's refineries, may mark the symbolic top of US economy's growth cycle, suggesting that oil prices may ease further. "There is still very high demand out there, still strong demand from the US, still concern about the lack of refining capacity, meaning the market is never going to drop too far," Tilley noted. However, he said that within this fairly strong market, there is a need, in the medium term, for a correction following the spike to above 70 usd seen after Hurricane Katrina. "60 usd a barrel is quiet a key technical level, if oil can hold above 60 usd we might see it go back up to 70. That is long the long term though, in the medium term medium it should correct from Katrina and test 60 usd," he said. But political leaders were unmoved by the recent correction in oil prices, with UK Chancellor Gordon Brown calling for "concerted global action" to bring down oil prices.