Oil price rises to near $94 after sharp drop

Published on NewsOK Modified: April 8, 2013 at 7:50 am •  Published: April 8, 2013
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"There is little scope for any more significant recovery because concerns about demand have regained the upper hand in the wake of weaker economic figures of late," said analysts at Commerzbank in Frankfurt. "Financial investors are likely to take advantage of any price increases to get out while they can."

Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up $1.34 to $105.46 on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 3.94 cents to $2.9492 per gallon.

— Wholesale gasoline advanced 4.34 cents to $2.907 per gallon.

— Natural gas added 2 cents to $4.145 per 1,000 cubic feet.

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Pamela Sampson in Bangkok contributed to this report.