THE price of oil reversed sharp early losses and finished higher yesterday as nervousness over a bailout plan in Cyprus abated.
Benchmark oil for April delivery rose 29 cents to end at US$93.74 a barrel in New York. It had dropped as low as US$91.76 earlier in the day.
Traders initially worried about possible fallout from a plan to pay for a bailout for cash-strapped Cyprus by slapping a tax on deposits in the country's banks. Some bank customers withdrew as much of their cash as they could and the fear was the panic could spread to other countries and prompt capital flight from weaker EU economies.
Stock markets in Asia and Europe fell sharply. But as US markets recovered somewhat from an early steep decline, oil started to rise.
Natural gas rose again, building on a monthlong run that has seen the price jump 23 percent. Futures gained 1 cent to finish at US$3.88 per 1,000 cubic feet.
Brent crude, used to price many kinds of oil imported by US refineries, fell 31 cents to end at US$109.51 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline lost 3 cents to finish at US$3.13 a gallon.
- Heating oil fell 1 cent to end at US$2.93 a gallon.
Recruitment of flight security officers attracts capable men
Feedback
RSS
