Oil gains after 4 straight days of declines

The price of oil rose Monday. Benchmark U.S. oil rose 75 cents to $83.98 per barrel in New York.
Published: June 5, 2012

In brief

Oil price

shows gain

The price of oil rose Monday, although last week's sharp declines still loomed.

Benchmark U.S. oil rose 75 cents to $83.98 per barrel in New York. It fell $7.63, or 8.4 percent, last week as gloomy economic data from the U.S., China and Europe raised questions about the strength of demand for oil and other energy-related products.

Monday's gains followed support by the German chancellor for a European banking union. That pushed the euro higher against the dollar. A decline in the dollar makes oil cheaper for holders of foreign currency.

Still, the fundamentals aren't in oil's corner.

Associated Press

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