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Oil hits 5-week high on Cyprus financial bailout
Source: Agencies |
March 26, 2013, Tuesday
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Online Edition
Online Edition
THE price of oil rose to a five-week high after Europe patched up the latest problem in its years long financial crisis.
Benchmark crude for May delivery rose US$1.10 to finish at US$94.81 a barrel on the New York Mercantile Exchange. That's the highest New York closing since Feb. 20.
Cyprus secured 10 billion euros (US$13 billion) of rescue loans early yesterday, just hours before a deadline set by the European Central Bank. The bank had threatened to halt emergency assistance to the country's banks if no agreement was reached by Tuesday. A financial collapse in Cyprus would have threatened the euro currency bloc.
In the US, gas prices are now at the lowest level since the middle of February. The average price for a gallon of gas is now US$3.67, down 22 cents from this time last year.
Brent crude, used to price many kinds of oil imported by US refineries, rose 51 cents to US$108.17 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline was flat at US$3.06 a gallon.
- Heating oil fell 1 cent to US$2.88 a gallon.
- Natural gas fell 6 cents to US$3.87 per 1,000 cubic feet.
Benchmark crude for May delivery rose US$1.10 to finish at US$94.81 a barrel on the New York Mercantile Exchange. That's the highest New York closing since Feb. 20.
Cyprus secured 10 billion euros (US$13 billion) of rescue loans early yesterday, just hours before a deadline set by the European Central Bank. The bank had threatened to halt emergency assistance to the country's banks if no agreement was reached by Tuesday. A financial collapse in Cyprus would have threatened the euro currency bloc.
In the US, gas prices are now at the lowest level since the middle of February. The average price for a gallon of gas is now US$3.67, down 22 cents from this time last year.
Brent crude, used to price many kinds of oil imported by US refineries, rose 51 cents to US$108.17 a barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline was flat at US$3.06 a gallon.
- Heating oil fell 1 cent to US$2.88 a gallon.
- Natural gas fell 6 cents to US$3.87 per 1,000 cubic feet.
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